Digital Brands Group (NASDAQ:DBGI) Shares Scheduled to Reverse Split on Friday, July 24th

Shares of Digital Brands Group, Inc. (NASDAQ:DBGI) are scheduled to reverse split on the morning of Friday, July 24th. The 1-40 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, July 23rd.

Digital Brands Group Trading Down 29.4%

DBGI stock traded down $0.19 during trading on Monday, hitting $0.45. The stock had a trading volume of 2,321,001 shares, compared to its average volume of 680,178. The company’s 50 day moving average price is $0.79 and its two-hundred day moving average price is $3.85. Digital Brands Group has a 1-year low of $0.26 and a 1-year high of $18.00.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Digital Brands Group in a report on Friday. Wall Street Zen downgraded shares of Digital Brands Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Insider Activity

In other news, CEO John Hilburn Iv Davis bought 618,333 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was purchased at an average price of $1.13 per share, for a total transaction of $698,716.29. Following the transaction, the chief executive officer owned 688,461 shares in the company, valued at approximately $777,960.93. This trade represents a 881.72% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.01% of the company’s stock.

Institutional Trading of Digital Brands Group

A number of institutional investors have recently made changes to their positions in DBGI. Fifth Third Bancorp purchased a new position in Digital Brands Group during the 1st quarter worth approximately $432,000. Geode Capital Management LLC bought a new position in Digital Brands Group during the fourth quarter valued at approximately $890,000. Connective Capital Management LLC acquired a new stake in shares of Digital Brands Group in the 4th quarter valued at $876,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Digital Brands Group during the 1st quarter worth about $29,000. 1.56% of the stock is owned by institutional investors and hedge funds.

Digital Brands Group Company Profile

Digital Brands Group Inc (NASDAQ: DBGI) operates as a digital consumption platform focused on acquiring, operating and scaling digitally native consumer brands. The company seeks to partner with emerging and established brands across categories such as fashion, home & lifestyle, health & wellness, and consumer electronics. By leveraging a centralized operating model, Digital Brands Group aims to drive revenue growth, expand market reach and enhance customer engagement for its portfolio companies.

At the core of Digital Brands Group’s strategy is its expertise in e-commerce, digital marketing and data analytics.