BTCS Inc. (NASDAQ:BTCS) Sees Significant Increase in Short Interest

BTCS Inc. (NASDAQ:BTCS) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 1,981,892 shares, a growth of 34.5% from the December 15th total of 1,473,350 shares. Based on an average daily trading volume, of 1,285,928 shares, the days-to-cover ratio is presently 1.5 days. Currently, 7.4% of the shares of the company are short sold. Currently, 7.4% of the shares of the company are short sold. Based on an average daily trading volume, of 1,285,928 shares, the days-to-cover ratio is presently 1.5 days.

BTCS Stock Up 1.0%

Shares of NASDAQ:BTCS opened at $2.90 on Friday. The firm has a market capitalization of $135.84 million, a PE ratio of 4.03 and a beta of 1.54. The business has a 50 day simple moving average of $3.01 and a two-hundred day simple moving average of $3.97. BTCS has a 1 year low of $1.25 and a 1 year high of $8.49. The company has a debt-to-equity ratio of 0.05, a current ratio of 4.78 and a quick ratio of 4.78.

BTCS (NASDAQ:BTCS) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.13). BTCS had a negative return on equity of 25.01% and a net margin of 464.44%.The company had revenue of $4.94 million during the quarter, compared to the consensus estimate of $3.00 million. On average, equities analysts predict that BTCS will post -0.08 EPS for the current year.

Insider Buying and Selling at BTCS

In related news, CEO Charles W. Allen acquired 67,501 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The stock was bought at an average cost of $2.89 per share, for a total transaction of $195,077.89. Following the purchase, the chief executive officer owned 4,666,506 shares in the company, valued at $13,486,202.34. The trade was a 1.47% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders bought 90,500 shares of company stock worth $261,425. 42.80% of the stock is owned by insiders.

Institutional Trading of BTCS

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE grew its holdings in BTCS by 1,856.8% in the third quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock worth $53,000 after purchasing an additional 10,324 shares during the last quarter. ACT Wealth Management LLC boosted its position in shares of BTCS by 66.7% in the 4th quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock worth $53,000 after purchasing an additional 8,000 shares in the last quarter. SG Americas Securities LLC acquired a new position in BTCS during the 3rd quarter valued at about $53,000. Tidal Investments LLC purchased a new stake in BTCS in the second quarter valued at about $54,000. Finally, Nomura Holdings Inc. purchased a new stake in BTCS in the third quarter valued at about $58,000. 3.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BTCS has been the topic of several research analyst reports. Zacks Research raised BTCS from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of BTCS in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.00.

About BTCS

BTCS, Inc (NASDAQ: BTCS) is a digital asset technology company focused on blockchain infrastructure and related investments. Originally founded in 2012 as Bitcoin Shop, Inc, the company pivoted in 2018 to concentrate on blockchain technology applications, digital asset management and strategic investments in early-stage ventures. BTCS holds a diversified portfolio that includes cryptocurrency mining equipment, digital wallets, and equity stakes in promising blockchain startups.

In its mining operations, BTCS acquires and manages mining hardware to secure blockchain networks and generate newly minted digital tokens.