Short Interest in BTCS Inc. (NASDAQ:BTCS) Drops By 18.0%

BTCS Inc. (NASDAQ:BTCS) was the target of a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 467,700 shares, a drop of 18.0% from the February 28th total of 570,300 shares. Based on an average daily volume of 518,600 shares, the days-to-cover ratio is currently 0.9 days. Approximately 3.8% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

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

BTCS Trading Down 3.8 %

Shares of BTCS stock opened at $1.50 on Tuesday. The business’s fifty day moving average price is $2.40 and its 200 day moving average price is $2.33. BTCS has a twelve month low of $0.95 and a twelve month high of $5.41. The stock has a market capitalization of $30.13 million, a P/E ratio of 3.66 and a beta of 3.05.

BTCS (NASDAQ:BTCS) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.29). The company had revenue of $2.20 million during the quarter, compared to analyst estimates of $2.20 million. BTCS had a net margin of 366.80% and a negative return on equity of 15.42%. As a group, sell-side analysts predict that BTCS will post -0.08 EPS for the current year.

Institutional Investors Weigh In On BTCS

Several hedge funds have recently modified their holdings of BTCS. Geode Capital Management LLC boosted its holdings in BTCS by 10.6% in the 4th quarter. Geode Capital Management LLC now owns 98,019 shares of the company’s stock worth $242,000 after acquiring an additional 9,404 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of BTCS during the fourth quarter worth $44,000. Virtu Financial LLC purchased a new position in shares of BTCS in the third quarter valued at $27,000. Renaissance Technologies LLC grew its holdings in BTCS by 242.3% during the 4th quarter. Renaissance Technologies LLC now owns 127,391 shares of the company’s stock valued at $315,000 after purchasing an additional 90,171 shares in the last quarter. Finally, Invesco Ltd. purchased a new stake in BTCS during the 4th quarter worth $294,000. 3.48% of the stock is currently owned by hedge funds and other 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.