BTCS Inc. (NASDAQ:BTCS) Sees Significant Increase in Short Interest

BTCS Inc. (NASDAQ:BTCS) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 650,300 shares, a growth of 94.4% from the January 15th total of 334,500 shares. Currently, 6.0% of the shares of the company are sold short. Based on an average daily volume of 3,340,000 shares, the short-interest ratio is currently 0.2 days.

BTCS Stock Performance

Shares of BTCS traded up $0.10 during mid-day trading on Thursday, reaching $2.79. The stock had a trading volume of 237,226 shares, compared to its average volume of 760,313. The firm has a market cap of $47.49 million, a price-to-earnings ratio of 6.81 and a beta of 2.20. BTCS has a 12 month low of $0.95 and a 12 month high of $5.41. The business has a fifty day moving average of $2.95 and a 200 day moving average of $2.13.

Analyst Ratings Changes

Separately, HC Wainwright boosted their target price on shares of BTCS from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, December 24th.

Insider Activity

In related news, Director Melanie Pump sold 22,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.49, for a total transaction of $76,780.00. Following the completion of the sale, the director now directly owns 38,735 shares in the company, valued at approximately $135,185.15. The trade was a 36.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 44.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BTCS

A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of BTCS by 10.6% in the fourth quarter. Geode Capital Management LLC now owns 98,019 shares of the company’s stock worth $242,000 after purchasing an additional 9,404 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of BTCS in the fourth quarter worth approximately $44,000. Virtu Financial LLC bought a new position in shares of BTCS in the third quarter worth approximately $27,000. Renaissance Technologies LLC boosted its position in shares of BTCS by 242.3% during the fourth quarter. Renaissance Technologies LLC now owns 127,391 shares of the company’s stock worth $315,000 after acquiring an additional 90,171 shares during the last quarter. Finally, Invesco Ltd. bought a new position in shares of BTCS during the fourth quarter worth $294,000. 3.48% of the stock is currently owned by institutional investors.

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.