BIT Mining Limited [BTCM] Stock trading around $8.01 per share: What’s Next?

BIT Mining Limited [NYSE: BTCM] stock went on a downward path that fall over -10.30% on Tuesday, amounting to a one-week price decrease of less than -41.53%. The company report on May 24, 2021 that BIT Mining Limited to Invest in Cryptocurrency Mining in Kazakhstan.

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BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or “the Company”), a leading cryptocurrency mining enterprise, announced that it has entered into a binding investment term sheet (the “Term Sheet”) with a Kazakhstan-based company (“Local Partner”) to jointly invest in a cryptocurrency mining data center in Kazakhstan (the “Kazakhstan Mining Data Center”).

Pursuant to the Term Sheet, the Company will invest a total amount of RMB60 million (US$9.33 million) to jointly construct and operate the Kazakhstan Mining Data Center. Once constructed, the total power capacity of the Kazakhstan Mining Data Center is expected to be 100MW. The Company will hold an 80% equity interest in the Kazakhstan Mining Data Center, with the Local Partner holding 20%.

Over the last 12 months, BTCM stock rose by 151.10%.

The market cap for the stock reached $593.22 million, with 43.00 million shares outstanding and 22.40 million shares in the current float. Compared to the average trading volume of 518.83K shares, BTCM stock reached a trading volume of 1067601 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on BIT Mining Limited [BTCM]:

The Average True Range (ATR) for BIT Mining Limited is set at 1.71, with the Price to Sales ratio for BTCM stock in the period of the last 12 months amounting to 98.87. The Price to Book ratio for the last quarter was 5.49.

BTCM Stock Performance Analysis:

BIT Mining Limited [BTCM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -41.53. With this latest performance, BTCM shares dropped by -49.78% in over the last four-week period, additionally plugging by 190.22% over the last 6 months – not to mention a rise of 151.10% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BTCM stock in for the last two-week period is set at 27.80, with the RSI for the last a single of trading hit 23.36, and the three-weeks RSI is set at 32.19 for BIT Mining Limited [BTCM]. The present Moving Average for the last 50 days of trading for this stock 17.00, while it was recorded at 10.13 for the last single week of trading, and 10.12 for the last 200 days.

Insight into BIT Mining Limited Fundamentals:

BIT Mining Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.60 and a Current Ratio set at 4.60.

BIT Mining Limited [BTCM] Insider Position Details

There are presently around $35 million, or 7.70% of BTCM stock, in the hands of institutional investors. The top three institutional holders of BTCM stocks are: SC CHINA HOLDING LTD with ownership of 3,504,273, which is approximately 0% of the company’s market cap and around 17.51% of the total institutional ownership; MORGAN STANLEY, holding 219,959 shares of the stock with an approximate value of $1.76 million in BTCM stocks shares; and MARSHALL WACE, LLP, currently with $1.46 million in BTCM stock with ownership of nearly New of the company’s market capitalization.

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19 institutional holders increased their position in BIT Mining Limited [NYSE:BTCM] by around 546,739 shares. Additionally, 8 investors decreased positions by around 157,218 shares, while 1 investors held positions by with 3,618,111 shares. The mentioned changes placed institutional holdings at 4,322,068 shares, according to the latest SEC report filing. BTCM stock had 15 new institutional investments in for a total of 517,601 shares, while 5 institutional investors sold positions of 105,165 shares during the same period.

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