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

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

Analyst Upgrades and Downgrades

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

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) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 44,435 shares of the company’s stock, valued at approximately $61,000. Heron Bay Capital Management owned 0.28% of BTCS as of its most recent filing with the Securities and Exchange Commission. 3.48% of the stock is owned by institutional investors and hedge funds.

BTCS Stock Performance

Shares of BTCS stock traded down $0.53 during trading on Friday, hitting $4.35. 6,114,874 shares of the stock were exchanged, compared to its average volume of 856,062. BTCS has a 12 month low of $0.95 and a 12 month high of $5.41. The stock’s fifty day moving average is $1.38 and its 200 day moving average is $1.42. The stock has a market cap of $71.86 million, a PE ratio of 10.56 and a beta of 1.55.

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