BTC Development Corp. (NASDAQ:BDCI) Short Interest Down 43.2% in July

BTC Development Corp. (NASDAQ:BDCI) was the target of a large decline in short interest in July. As of July 31st, there was short interest totaling 1,747 shares, a decline of 43.2% from the July 15th total of 3,076 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 39,408 shares, the days-to-cover ratio is currently 0.0 days.

Institutional Trading of BTC Development

Several hedge funds have recently modified their holdings of the stock. Meteora Capital LLC bought a new position in BTC Development in the 4th quarter worth approximately $18,337,000. Toronto Dominion Bank acquired a new position in BTC Development during the 4th quarter worth $13,345,000. Glazer Capital LLC bought a new position in BTC Development in the 4th quarter valued at $11,755,000. TENOR CAPITAL MANAGEMENT Co. L.P. bought a new position in BTC Development in the 4th quarter valued at $11,261,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in BTC Development in the 4th quarter valued at $10,010,000.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded BTC Development from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 13th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

BTC Development Trading Up 0.1%

NASDAQ BDCI traded up $0.01 on Monday, hitting $10.10. 64,350 shares of the company were exchanged, compared to its average volume of 39,598. The firm has a 50 day moving average of $10.08 and a two-hundred day moving average of $10.04. The company has a market cap of $306.38 million and a P/E ratio of 40.42. BTC Development has a 1-year low of $9.96 and a 1-year high of $10.26.

BTC Development (NASDAQ:BDCI) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.05 EPS for the quarter.

About BTC Development

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination involving one or more businesses or assets, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not identified any acquisition target and we have not, nor has anyone on our behalf, initiated any discussions, directly or indirectly, with respect to identifying any acquisition target.