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

BTC Digital Ltd. (NASDAQ:BTCT) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totaling 532,775 shares, an increase of 52.7% from the December 31st total of 348,969 shares. Currently, 7.1% of the shares of the stock are sold short. Based on an average trading volume of 108,152 shares, the days-to-cover ratio is currently 4.9 days. Based on an average trading volume of 108,152 shares, the days-to-cover ratio is currently 4.9 days. Currently, 7.1% of the shares of the stock are sold short.

BTC Digital Stock Performance

Shares of BTC Digital stock traded down $0.03 during midday trading on Friday, hitting $1.37. The company had a trading volume of 50,737 shares, compared to its average volume of 94,654. The company has a 50 day moving average of $1.68 and a 200 day moving average of $2.28. BTC Digital has a 52-week low of $1.26 and a 52-week high of $6.55. The stock has a market capitalization of $10.30 million, a P/E ratio of -1.14 and a beta of 5.69.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in BTC Digital stock. SBI Securities Co. Ltd. grew its position in BTC Digital Ltd. (NASDAQ:BTCT) by 102.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,378 shares of the company’s stock after purchasing an additional 14,378 shares during the quarter. SBI Securities Co. Ltd. owned approximately 0.38% of BTC Digital worth $89,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 7.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of BTC Digital in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, BTC Digital presently has an average rating of “Sell”.

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.