BIT Mining Ltd ADR: When The Timing Is Right, Sit Tight

BIT Mining Ltd ADR (NYSE:BTCM) price on Wednesday, November 13, fall -2.81% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $3.11.

A look at the stock’s price movement, the close in the last trading session was $3.20, moving within a range at $2.82 and $3.9799. The beta value (5-Year monthly) was 2.51. Turning to its 52-week performance, $6.95 and $1.79 were the 52-week high and 52-week low respectively. Overall, BTCM moved 29.58% over the past month.

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BIT Mining Ltd ADR’s market cap currently stands at around $34.55 million, with investors looking forward to this quarter’s earnings report slated for in December.

Analysts have a consensus estimate of 12.4M for the company’s revenue for the quarter, with a low and high estimate of 12.4M and 12.4M respectively. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 56.7M, representing a 31.60% jump on that reported in the last financial year.

Turning to the stock’s technical picture we see that short term indicators suggest on average that BTCM is a 100% Buy. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.

1 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 1 analyst(s) rate the stock as a Hold, 0 recommend BTCM as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Hold which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

BTCM’s current price about 10.58% and 26.06% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 60.76, while 7-day volatility ratio is 21.80% and 12.60% in the 30-day chart. Further, BIT Mining Ltd ADR (BTCM) has a beta value of 2.55, and an average true range (ATR) of 0.39.

If we refocus on BIT Mining Ltd ADR (NYSE:BTCM), historical trading data shows that trading volumes averaged 0.38 over the past 10 days and 101.50K over the past 3 months. The company’s latest data on shares outstanding shows there are 11.11 million shares.

The 3.15% of BIT Mining Ltd ADR’s shares are in the hands of company insiders while institutional holders own 0.41% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 0.14 million on 2024-10-31, giving us a short ratio of 2.26. The data shows that as of 2024-10-31 short interest in BIT Mining Ltd ADR (BTCM) stood at 162.0 of shares outstanding, with shares short falling to 0.16 million registered in 2024-09-30. Current price change has pushed the stock -38.29% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the BTCM stock continues to rise going into the next quarter.

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