BTCS Inc. (NASDAQ:BTCS) Sees Large Decrease in Short Interest

Key Points

• BTCS short interest fell 40.9% to 1.60 million shares as of September 30, representing 3.7% of shares outstanding and just 0.8 days to cover.
• Institutional ownership remains limited at 3.48%, although Renaissance Technologies increased its BTCS stake by 192.4% in the first quarter and other institutions initiated positions.
• BTCS opened at $1.14 and reported a quarterly loss of $0.70 per share, negative margins, and $2.45 million in revenue. Analyst sentiment is mixed, with a consensus “Hold” rating and a $5.00 price target, while Weiss Ratings downgraded the stock to “Sell.”

BTCS Inc. (NASDAQ:BTCS - Get Free Report) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totaling 1,601,316 shares, a decrease of 40.9% from the September 15th total of 2,709,626 shares. Currently, 3.7% of the shares of the company are sold short. Based on an average daily volume of 1,945,479 shares, the days-to-cover ratio is currently 0.8 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BTCS. Renaissance Technologies LLC increased its stake in shares of BTCS by 192.4% in the first quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company's stock valued at $1,469,000 after purchasing an additional 695,555 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of BTCS in the second quarter valued at approximately $80,000. Finally, Engineers Gate Manager LP bought a new stake in shares of BTCS during the second quarter valued at approximately $30,000. 3.48% of the stock is owned by institutional investors and hedge funds.

BTCS Stock Performance

Shares of BTCS opened at $1.14 on Thursday. BTCS has a 1 year low of $0.96 and a 1 year high of $4.72. The company has a market cap of $59.82 million, a price-to-earnings ratio of -0.34 and a beta of 3.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.06. The firm has a fifty day moving average of $1.35 and a 200-day moving average of $1.40.

BTCS (NASDAQ:BTCS - Get Free Report) last released its quarterly earnings results on Wednesday, August 19th. The company reported ($0.70) EPS for the quarter. BTCS had a negative return on equity of 14.40% and a negative net margin of 746.29%. The firm had revenue of $2.45 million for the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded BTCS from a "hold (c)" rating to a "sell (d-)" rating in a report on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $5.00.

BTCS Company Profile

BTCS Inc NASDAQ: BTCS is a blockchain technology company focused on supporting and securing blockchain networks. The company's primary activities include operating blockchain validator nodes and participating in network staking, with a particular emphasis on the Ethereum ecosystem.

Through its blockchain infrastructure operations, BTCS helps validate transactions and maintain network security while earning blockchain-based rewards. The company has also pursued tools and services designed to support digital-asset management, decentralized finance, and the broader adoption of blockchain technology.

BTCS was originally established as The Bitcoin Shop and later adopted its current name as its business strategy evolved toward blockchain infrastructure and digital assets.

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