BIT Mining Limited [BTCM] moved down -41.77: Why It’s Important

BIT Mining Limited [NYSE: BTCM] plunged by -$0.32 during the normal trading session on Tuesday and reaching a high of $0.5083 during the day while it closed the day at $0.46. The company report on August 16, 2022 that BIT Mining Announces US$9.3 Million Registered Direct Offering.


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BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or the “Company”), a leading technology-driven cryptocurrency mining company, today announced that it has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 15,566,665 of the Company’s American Depositary Shares (“ADSs”), Series A Warrants to purchase up to an aggregate of 15,566,665 ADSs and Series B Warrants to purchase up to an aggregate of 15,566,665 ADSs, at a combined purchase price of US$0.60 per ADS and associated warrants, in a registered direct offering. Each ADS represents ten (10) Class A ordinary shares, par value US$0.00005 per share, of BIT Mining. The offering is expected to close on or about August 18, 2022, subject to satisfaction of customary closing conditions.

Revere Securities LLC is acting as the exclusive placement agent for the offering.

BIT Mining Limited stock has also loss -32.19% of its value over the past 7 days. However, BTCM stock has declined by -66.47% in the 3 months of the year. Over the past six months meanwhile, it has lost -84.70% and lost -92.57% year-on date.

The market cap for BTCM stock reached $32.80 million, with 71.01 million shares outstanding and 48.98 million shares in the current float. Compared to the average trading volume of 1.21M shares, BTCM reached a trading volume of 19426770 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about BIT Mining Limited [BTCM]:

The Average True Range (ATR) for BIT Mining Limited is set at 0.09, with the Price to Sales ratio for BTCM stock in the period of the last 12 months amounting to 0.02. The Price to Book ratio for the last quarter was 0.18.

BTCM stock trade performance evaluation

BIT Mining Limited [BTCM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -32.19. With this latest performance, BTCM shares dropped by -33.97% in over the last four-week period, additionally sinking by -84.70% over the last 6 months – not to mention a drop of -92.85% 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 29.46, with the RSI for the last a single of trading hit 24.34, and the three-weeks RSI is set at 32.52 for BIT Mining Limited [BTCM]. The present Moving Average for the last 50 days of trading for this stock 0.9015, while it was recorded at 0.6953 for the last single week of trading, and 3.2845 for the last 200 days.

BIT Mining Limited [BTCM]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and BIT Mining Limited [BTCM] shares currently have an operating margin of -1.81 and a Gross Margin at +0.35. BIT Mining Limited’s Net Margin is presently recorded at -3.90.

Return on Equity for this stock declined to -42.52, with Return on Assets sitting at -28.13.

BIT Mining Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.30.

Earnings per share (EPS) analysis for BIT Mining Limited [BTCM] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BTCM. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for BIT Mining Limited go to 15.75%.

BIT Mining Limited [BTCM]: Insider Ownership positions

There are presently around $6 million, or 11.40% of BTCM stock, in the hands of institutional investors. The top three institutional holders of BTCM stocks are: ARMISTICE CAPITAL, LLC with ownership of 5,146,756, which is approximately New of the company’s market cap and around 4.12% of the total institutional ownership; SC CHINA HOLDING LTD, holding 3,504,273 shares of the stock with an approximate value of $1.6 million in BTCM stocks shares; and MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., currently with $0.48 million in BTCM stock with ownership of nearly 263.651% of the company’s market capitalization.

Positions in BIT Mining Limited stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 22 institutional holders increased their position in BIT Mining Limited [NYSE:BTCM] by around 7,668,049 shares. Additionally, 22 investors decreased positions by around 3,761,308 shares, while 2 investors held positions by with 1,633,719 shares. The mentioned changes placed institutional holdings at 13,063,076 shares, according to the latest SEC report filing. BTCM stock had 10 new institutional investments in for a total of 5,799,322 shares, while 14 institutional investors sold positions of 1,993,939 shares during the same period.

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