China-based software company Powerbridge Technologies (PBTS) has made several developments regarding cryptocurrency mining. However, its shares have retreated in price over the past few months and are currently trading below $2. So, let’s find out if it is wise to bet on the stock now. Read on.Headquartered in Zhuhai, China, Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) provides software applications and technology solutions and services to corporate and government customers. On October 8, the company announced that its subsidiary, Powercrypto Holdings, had launched cryptocurrency mining, specifically bitcoin and ethereum, in Hong Kong.
Its shares soared in price at the end of June and early July as a result of Redditors’ interest in it. However, the stock has lost 48.9% in price year-to-date, and 4% over the past month, to close yesterday’s trading session at $1.20.
PBTS received a notice from the NASDAQ Stock Market on May 18, 2021, because its Form 20-F for its fiscal year ended December 31, 2020, had not been filed by its due date and the company was therefore not in compliance with periodic filing requirements for continued listing at NASDAQ. PBTS filed the 20-F on July 13, 2021, but its results for its fiscal year 2021 quarters have not yet been released. Furthermore, PBTS could be impacted by the resurgence of COVID-19 cases in China and the country’s recent cryptocurrency ban. So, we think its near-term prospects look bleak.