Abits Group (NASDAQ:ABTS) Shares Climb 2.7% – Here’s Why

Abits Group Inc. (NASDAQ:ABTS) shares were up 2.7% during mid-day trading on Thursday. The company traded as high as $0.4198 and last traded at $0.40. 662,830 shares traded hands during trading, an increase of 518% from the average daily volume of 107,198 shares. The stock had previously closed at $0.3896.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of Abits Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, October 13th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat, the stock currently has a consensus rating of “Sell”.

Abits Group Stock Up 2.7%

The business has a 50 day moving average price of $1.22 and a 200 day moving average price of $1.70.

Abits Group (NASDAQ:ABTS) last announced its quarterly earnings results on Thursday, October 15th. The company reported ($0.40) earnings per share (EPS) for the quarter. The business had revenue of $1.60 million during the quarter.

About Abits Group

Abits Group Inc is a digital asset infrastructure company focused primarily on Bitcoin mining. The company develops and operates cryptocurrency mining activities using specialized application-specific integrated circuit (ASIC) hardware and related data-center infrastructure.

Its business includes deploying mining equipment, managing computing and power resources, and supporting the operational infrastructure required to validate transactions on the Bitcoin network. Abits Group has also pursued opportunities to expand and improve its mining capacity through equipment acquisitions and data-center development.

The company was formerly known as MGT Capital Investments, Inc and adopted the Abits Group name as it developed its focus on digital asset mining.