BTCS Inc. (NASDAQ:BTCS) Sees Large Decline in Short Interest

BTCS Inc. (NASDAQ:BTCS) saw a large 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. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily volume of 115,300 shares, the short-interest ratio is presently 0.6 days.

Analysts Set New Price Targets

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

Institutional Trading of BTCS

A hedge fund recently bought a new stake in BTCS stock. Heron Bay Capital Management acquired a new position in shares of BTCS Inc. (NASDAQ:BTCS) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 44,435 shares of the company’s stock, valued at approximately $61,000. Heron Bay Capital Management owned 0.28% of BTCS at the end of the most recent quarter. Institutional investors own 3.48% of the company’s stock.

BTCS Price Performance

Shares of BTCS traded down $0.53 during trading hours on Friday, hitting $4.35. 6,114,874 shares of the company were exchanged, compared to its average volume of 856,062. The firm has a fifty day simple moving average of $1.38 and a 200-day simple moving average of $1.42. The company has a market capitalization of $71.86 million, a PE ratio of 10.56 and a beta of 1.55. BTCS has a one year low of $0.95 and a one year high of $5.41.

BTCS (NASDAQ:BTCS) last announced its earnings results on Monday, August 19th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $0.56 million during the quarter, compared to analysts’ expectations of $0.40 million. BTCS had a net margin of 366.80% and a negative return on equity of 14.44%. Sell-side analysts expect that BTCS will post -0.08 EPS for the current year.

About BTCS

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.