Insider Selling: BTCS (NASDAQ:BTCS) CEO Sells 165,000 Shares of Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 165,000 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $1.11, for a total transaction of $183,150.00. Following the completion of the transaction, the chief executive officer owned 7,099,033 shares in the company, valued at approximately $7,879,926.63. The trade was a 2.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Trading Up 1.3%

BTCS stock traded up $0.02 during midday trading on Thursday, hitting $1.18. The stock had a trading volume of 1,203,831 shares, compared to its average volume of 830,795. The firm has a market cap of $58.49 million, a P/E ratio of -0.48 and a beta of 3.33. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 0.18. BTCS Inc. has a 1-year low of $1.07 and a 1-year high of $8.49. The business has a fifty day moving average price of $1.71 and a two-hundred day moving average price of $2.15.

BTCS (NASDAQ:BTCS) last released its earnings results on Thursday, March 26th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.06). The firm had revenue of $7.09 million during the quarter, compared to analyst estimates of $4.50 million. BTCS had a negative net margin of 503.06% and a negative return on equity of 14.31%. On average, sell-side analysts predict that BTCS Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BTCS

Institutional investors and hedge funds have recently made changes to their positions in the business. Boothbay Fund Management LLC acquired a new stake in shares of BTCS in the 4th quarter worth about $42,000. Intesa Sanpaolo S.p.A. bought a new stake in BTCS in the 4th quarter worth about $43,000. Squarepoint Ops LLC bought a new stake in BTCS in the 4th quarter worth about $51,000. ACT Wealth Management LLC grew its position in 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. Finally, Bank of America Corp DE grew its position in BTCS by 1,856.8% in the 3rd 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 in the last quarter. Institutional investors and hedge funds own 3.48% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. HC Wainwright dropped their price objective on shares of BTCS from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, March 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of BTCS in a report on Friday, March 27th. Finally, Wall Street Zen lowered shares of BTCS from a “hold” rating to a “strong sell” rating in a report on Saturday, March 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $5.00.

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.