Charles Allen Sells 150,000 Shares of BTCS (NASDAQ:BTCS) Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 150,000 shares of BTCS stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $1.19, for a total value of $178,500.00. Following the transaction, the chief executive officer owned 7,264,033 shares in the company, valued at approximately $8,644,199.27. The trade was a 2.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Performance

Shares of BTCS stock opened at $1.13 on Friday. BTCS Inc. has a one year low of $1.07 and a one year high of $8.49. The company has a market cap of $56.25 million, a price-to-earnings ratio of -0.46 and a beta of 3.33. 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 business’s 50 day moving average price is $1.70 and its 200 day moving average price is $2.13.

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On BTCS

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTCS. State Street Corp increased its stake in BTCS by 1,286.2% during the fourth quarter. State Street Corp now owns 2,529,760 shares of the company’s stock worth $6,679,000 after acquiring an additional 2,347,260 shares during the last quarter. Vanguard Group Inc. increased its stake in BTCS by 354.0% during the third quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company’s stock worth $9,701,000 after acquiring an additional 1,565,996 shares during the last quarter. Renaissance Technologies LLC increased its stake 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 acquiring an additional 695,555 shares during the last quarter. Geode Capital Management LLC increased its stake in BTCS by 16.5% during the fourth quarter. Geode Capital Management LLC now owns 1,156,661 shares of the company’s stock worth $3,054,000 after acquiring an additional 164,113 shares during the last quarter. Finally, 683 Capital Management LLC acquired a new stake in BTCS during the fourth quarter worth $428,000. Institutional investors and hedge funds own 3.48% of the company’s stock.

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.