Stronghold Digital Mining (NASDAQ:SDIG) Trading Down 5.5% – Time to Sell?

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) shares dropped 5.5% on Wednesday . The company traded as low as $3.46 and last traded at $3.46. Approximately 135,705 shares traded hands during trading, a decline of 62% from the average daily volume of 355,683 shares. The stock had previously closed at $3.66.

Analyst Ratings Changes

Separately, B. Riley raised shares of Stronghold Digital Mining from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 15th.

Stronghold Digital Mining Trading Down 0.3 %

The company has a current ratio of 0.27, a quick ratio of 0.21 and a debt-to-equity ratio of 1.73. The stock has a 50-day simple moving average of $4.16 and a two-hundred day simple moving average of $4.29. The firm has a market capitalization of $58.27 million, a P/E ratio of -0.91 and a beta of 2.99.

Insider Activity at Stronghold Digital Mining

In related news, CEO Gregory A. Beard sold 14,201 shares of Stronghold Digital Mining stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $3.85, for a total transaction of $54,673.85. Following the transaction, the chief executive officer now directly owns 446,533 shares of the company’s stock, valued at $1,719,152.05. This trade represents a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 30,686 shares of company stock worth $115,775 over the last three months. 21.14% of the stock is owned by corporate insiders.

Institutional Trading of Stronghold Digital Mining

A number of hedge funds have recently bought and sold shares of the stock. Anson Funds Management LP bought a new position in shares of Stronghold Digital Mining in the 3rd quarter worth $2,466,000. Walleye Capital LLC bought a new stake in Stronghold Digital Mining during the third quarter valued at about $1,022,000. K2 Principal Fund L.P. purchased a new position in Stronghold Digital Mining in the third quarter valued at about $882,000. Geode Capital Management LLC raised its holdings in Stronghold Digital Mining by 83.0% in the third quarter. Geode Capital Management LLC now owns 168,124 shares of the company’s stock worth $849,000 after purchasing an additional 76,260 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Stronghold Digital Mining by 122.3% during the third quarter. State Street Corp now owns 57,630 shares of the company’s stock valued at $291,000 after buying an additional 31,700 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Stronghold Digital Mining Company Profile

Stronghold Digital Mining, Inc, a crypto asset mining company, focuses on Bitcoin mining in the United States. It operates in two segments, Energy Operations and Cryptocurrency Operations. It also owns and operates coal refuse power generation facilities; and provides environmental remediation and reclamation services.