Abits Group (NASDAQ:ABTS) Releases Quarterly Earnings Results

Abits Group (NASDAQ:ABTS) announced its earnings results on Thursday. The company reported ($0.40) EPS for the quarter, FiscalAI reports. The firm had revenue of $1.60 million during the quarter.

Abits Group Price Performance

Shares of Abits Group stock opened at $1.20 on Friday. The stock has a 50-day moving average price of $1.31 and a 200 day moving average price of $1.26. Abits Group has a 1 year low of $0.76 and a 1 year high of $9.16.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Abits Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. One analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Abits Group Company Profile

Abits Group Inc is a bitcoin mining company that develops and operates digital-asset mining infrastructure. Its principal business involves deploying specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.

The company focuses on building and managing mining operations, including data-center infrastructure, power arrangements, and related operational capabilities. Its activities are centered on the United States, with an emphasis on expanding scalable and energy-efficient mining capacity.

Abits Group was formerly known as Moxian (BVI) Inc and adopted its current name in 2023 as it shifted its corporate focus toward cryptocurrency mining.