Digi Power X (NASDAQ:DGXX) Trading Down 8.2% – Here’s What Happened

Digi Power X Inc. (NASDAQ:DGXX) fell 8.2% on Wednesday . The stock traded as low as $6.13 and last traded at $6.1680. Approximately 1,200,315 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 6,617,394 shares. The stock had previously closed at $6.72.

Analyst Upgrades and Downgrades

A number of research firms have commented on DGXX. Alliance Global Partners reiterated a “buy” rating on shares of Digi Power X in a research report on Friday, May 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Digi Power X in a research report on Monday, April 20th. Finally, Wall Street Zen upgraded Digi Power X from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.00.

Digi Power X Stock Down 1.2%

The company has a market cap of $523.54 million, a PE ratio of -8.91 and a beta of 6.19. The firm’s fifty day simple moving average is $6.15 and its 200-day simple moving average is $3.88.

Digi Power X (NASDAQ:DGXX) last released its quarterly earnings results on Friday, May 15th. The company reported $999.00 EPS for the quarter. Digi Power X had a negative net margin of 98.79% and a negative return on equity of 42.04%. The business had revenue of $6.79 million for the quarter.

Insider Buying and Selling

In other Digi Power X news, President Alec Amar sold 27,500 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $3.56, for a total transaction of $97,900.00. Following the sale, the president owned 1,368,949 shares in the company, valued at approximately $4,873,458.44. This represents a 1.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 55,000 shares of company stock worth $160,032.

Institutional Trading of Digi Power X

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vennlight Capital Management LP purchased a new stake in Digi Power X during the 4th quarter worth about $4,471,000. Vident Advisory LLC acquired a new stake in shares of Digi Power X during the 3rd quarter worth about $2,663,000. Renaissance Technologies LLC boosted its stake in shares of Digi Power X by 157.8% during the 4th quarter. Renaissance Technologies LLC now owns 883,501 shares of the company’s stock worth $2,253,000 after purchasing an additional 540,801 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Digi Power X during the third quarter worth about $1,585,000. Finally, Geode Capital Management LLC grew its holdings in shares of Digi Power X by 1,771.7% during the fourth quarter. Geode Capital Management LLC now owns 592,399 shares of the company’s stock worth $1,511,000 after buying an additional 560,749 shares in the last quarter. 1.93% of the stock is currently owned by hedge funds and other institutional investors.

Digi Power X Company Profile

Digihost Technology Inc operates as a blockchain technology company that focuses on digital currency mining in the United States. It mines for cryptocurrency. The company was incorporated in 2017 and is headquartered in Toronto, Canada.