BTCS (NASDAQ:BTCS) Stock Price Down 8.1% – Here’s Why

BTCS Inc. (NASDAQ:BTCS)’s stock price fell 8.1% during mid-day trading on Tuesday . The stock traded as low as $1.22 and last traded at $1.24. 906,466 shares traded hands during mid-day trading, an increase of 44% from the average session volume of 629,322 shares. The stock had previously closed at $1.35.

Analysts Set New Price Targets

BTCS has been the subject of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a research note on Friday, March 27th. HC Wainwright cut their price target on BTCS from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, March 31st. Finally, Wall Street Zen downgraded BTCS from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 28th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $5.00.

BTCS Trading Up 1.3%

The firm has a market capitalization of $58.49 million, a price-to-earnings ratio of -0.48 and a beta of 3.33. The business has a 50 day moving average of $1.71 and a two-hundred day moving average of $2.14. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.90 and a current ratio of 2.90.

BTCS (NASDAQ:BTCS) last issued its quarterly earnings data on Thursday, March 26th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.06). The company had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $4.50 million. BTCS had a negative return on equity of 14.31% and a negative net margin of 503.06%. Equities analysts predict that BTCS Inc. will post 0.02 EPS for the current year.

Insider Activity

In related news, CEO Charles W. Allen sold 165,000 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $1.11, for a total value of $183,150.00. Following the sale, the chief executive officer owned 7,099,033 shares in the company, valued at approximately $7,879,926.63. This trade represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 420,000 shares of company stock valued at $495,000 in the last quarter. Company insiders own 16.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in shares of BTCS by 2.8% in the second quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock worth $259,000 after purchasing an additional 3,172 shares during the last quarter. Invesco Ltd. bought a new position in BTCS in the 2nd quarter worth $293,000. Tidal Investments LLC purchased a new stake in BTCS in the 2nd quarter worth $54,000. Vanguard Group Inc. lifted its holdings in shares of BTCS by 354.0% in the 3rd quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company’s stock valued at $9,701,000 after acquiring an additional 1,565,996 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in BTCS during the 3rd quarter valued at $125,000. 3.48% of the stock is owned by institutional investors.

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.