Short Interest in BTCS Inc. (NASDAQ:BTCS) Declines By 32.5%

BTCS Inc. (NASDAQ:BTCS) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 65,900 shares, a decline of 32.5% from the October 15th total of 97,700 shares. Based on an average daily trading volume, of 115,300 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.7% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and set a $3.00 price target on shares of BTCS in a report on Thursday, August 22nd.

BTCS Stock Down 10.9 %

Shares of NASDAQ:BTCS traded down $0.53 during trading on Friday, reaching $4.35. The stock had a trading volume of 6,146,905 shares, compared to its average volume of 856,062. BTCS has a 52 week low of $0.95 and a 52 week high of $5.41. The firm has a market capitalization of $71.86 million, a price-to-earnings ratio of 10.61 and a beta of 1.55. The stock has a fifty day simple moving average of $1.44 and a two-hundred day simple moving average of $1.44.

BTCS (NASDAQ:BTCS) last announced its earnings results on Monday, August 19th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). BTCS had a net margin of 366.80% and a negative return on equity of 14.44%. The business had revenue of $0.56 million for the quarter, compared to analyst estimates of $0.40 million. On average, analysts forecast that BTCS will post -0.08 EPS for the current year.

Hedge Funds Weigh In On BTCS

An institutional investor recently bought a new position in BTCS stock. Heron Bay Capital Management purchased a new position in shares of BTCS Inc. (NASDAQ:BTCS) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 44,435 shares of the company’s stock, valued at approximately $61,000. Heron Bay Capital Management owned approximately 0.28% of BTCS at the end of the most recent reporting period. 3.48% of the stock is 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.