BTCS (NASDAQ:BTCS) Announces Earnings Results

BTCS (NASDAQ:BTCS) released its quarterly earnings data on Wednesday. The company reported ($0.70) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $2.45 million for the quarter. BTCS had a negative return on equity of 14.31% and a negative net margin of 503.06%.

BTCS Trading Up 16.7%

NASDAQ BTCS opened at $1.26 on Thursday. The firm’s fifty day moving average is $1.08 and its two-hundred day moving average is $1.49. BTCS has a one year low of $0.96 and a one year high of $6.15. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.90 and a current ratio of 2.90. The firm has a market cap of $62.72 million, a PE ratio of -0.51 and a beta of 3.41.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “hold (c)” rating on shares of BTCS in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, BTCS currently has a consensus rating of “Hold” and an average price target of $5.00.

Insider Transactions at BTCS

In other BTCS news, CEO Charles W. Allen sold 168,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $1.22, for a total transaction of $204,960.00. Following the completion of the sale, the chief executive officer directly owned 6,844,033 shares of the company’s stock, valued at $8,349,720.26. This represents a 2.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 685,000 shares of company stock valued at $812,110. Insiders own 16.90% of the company’s stock.

Institutional Investors Weigh In On BTCS

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new stake in BTCS in the second quarter valued at $80,000. Renaissance Technologies LLC lifted its position in BTCS by 192.4% during the first quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company’s stock worth $1,469,000 after buying an additional 695,555 shares during the period. Virtu Financial LLC acquired a new position in shares of BTCS in the 4th quarter valued at $92,000. Invesco Ltd. grew its position in BTCS by 10.5% during the fourth quarter. Invesco Ltd. now owns 73,811 shares of the company’s stock valued at $195,000 after acquiring an additional 6,997 shares during the period. Finally, Vident Advisory LLC lifted its position in BTCS by 37.4% during the fourth quarter. Vident Advisory LLC now owns 213,338 shares of the company’s stock valued at $563,000 after buying an additional 58,113 shares in the last quarter. 3.48% of the stock is owned by institutional investors and hedge funds.

BTCS Company Profile

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.