BTCS Inc. (NASDAQ:BTCS) Sees Significant Decline in Short Interest

BTCS Inc. (NASDAQ:BTCS) was the recipient of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 467,700 shares, a decrease of 18.0% from the February 28th total of 570,300 shares. Approximately 3.8% of the shares of the stock are short sold. Based on an average daily volume of 518,600 shares, the days-to-cover ratio is presently 0.9 days.

Analyst Ratings Changes

Separately, HC Wainwright upped their target price on shares of BTCS from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Tuesday, December 24th.

BTCS Stock Up 1.3 %

Shares of BTCS opened at $1.52 on Wednesday. BTCS has a 52-week low of $0.95 and a 52-week high of $5.41. The stock has a fifty day simple moving average of $2.36 and a two-hundred day simple moving average of $2.33. The company has a market capitalization of $30.53 million, a PE ratio of 3.71 and a beta of 3.05.

BTCS (NASDAQ:BTCS) last issued its earnings results on Thursday, March 20th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.29). The firm had revenue of $2.20 million for the quarter, compared to analysts’ expectations of $2.20 million. BTCS had a negative return on equity of 15.42% and a net margin of 366.80%. As a group, equities analysts anticipate that BTCS will post -0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BTCS

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC boosted its stake in BTCS by 242.3% during the fourth quarter. Renaissance Technologies LLC now owns 127,391 shares of the company’s stock worth $315,000 after buying an additional 90,171 shares during the period. Invesco Ltd. acquired a new stake in BTCS in the 4th quarter valued at approximately $294,000. Geode Capital Management LLC raised its position in BTCS by 10.6% in the fourth quarter. Geode Capital Management LLC now owns 98,019 shares of the company’s stock valued at $242,000 after purchasing an additional 9,404 shares during the period. Virtu Financial LLC purchased a new position in shares of BTCS during the third quarter worth $27,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of BTCS in the 4th quarter valued at $44,000. 3.48% of the stock is currently owned by hedge funds and other institutional investors.

BTCS Company Profile

BTCS Inc operates in blockchain technology sector the United States. Its blockchain-infrastructure secures and operates validator nodes on disruptive blockchain networks, as well as validates transactions for crypto holding delegations on dPoS blockchains. The company offers StakeSeeker, a cryptocurrency dashboard and staking-as-a-service platform that allows crypto asset holders to earn rewards by participating in network consensus mechanisms; and Builder+, a Ethereum block builder offered to maximize validator earnings by utilizing algorithms to construct optimized blocks for on-chain validation.