BTC Digital Ltd. (NASDAQ:BTCT) Sees Significant Growth in Short Interest

BTC Digital Ltd. (NASDAQ:BTCT) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totaling 365,264 shares, an increase of 99.0% from the May 31st total of 183,580 shares. Based on an average daily volume of 517,643 shares, the days-to-cover ratio is presently 0.7 days. Currently, 3.8% of the company’s shares are sold short.

BTC Digital Trading Up 11.4%

BTCT stock traded up $0.09 during midday trading on Wednesday, reaching $0.92. 2,825,024 shares of the company’s stock traded hands, compared to its average volume of 771,318. The company has a debt-to-equity ratio of 0.01, a current ratio of 7.79 and a quick ratio of 7.79. BTC Digital has a fifty-two week low of $0.61 and a fifty-two week high of $4.79. The business has a 50-day moving average price of $1.18 and a two-hundred day moving average price of $1.31. The company has a market capitalization of $8.73 million, a P/E ratio of -0.77 and a beta of 5.36.

BTC Digital (NASDAQ:BTCT) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.21) earnings per share (EPS) for the quarter. The firm had revenue of $4.16 million for the quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of BTC Digital in a report on Wednesday, June 24th. Zacks Research upgraded BTC Digital to a “hold” rating in a report on Monday, May 18th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, BTC Digital currently has a consensus rating of “Reduce”.

About BTC Digital

BTC Digital Ltd. a crypto asset technology company engages in bitcoin mining business. It is also involved in mining machines resale and rental business. The company was formerly known as Meten Holding Group Ltd. and changed its name to BTC Digital Ltd. in August 2023. The company was founded in 2006 and is headquartered in Shenzhen, China.