BTCS (NASDAQ:BTCS) Shares Up 7.8% – Still a Buy?

Shares of BTCS Inc. (NASDAQ:BTCS) shot up 7.8% during mid-day trading on Wednesday . The stock traded as high as $2.01 and last traded at $1.94. 1,096,493 shares changed hands during trading, an increase of 56% from the average session volume of 703,351 shares. The stock had previously closed at $1.80.

Wall Street Analyst Weigh In

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

BTCS Trading Up 1.6%

The company has a quick ratio of 3.38, a current ratio of 3.38 and a debt-to-equity ratio of 0.09. The company has a 50-day simple moving average of $1.66 and a two-hundred day simple moving average of $2.62.

BTCS (NASDAQ:BTCS) last issued its earnings results on Friday, March 27th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.06). BTCS had a negative return on equity of 14.97% and a negative net margin of 202.29%.The company had revenue of $7.09 million during the quarter, compared to analyst estimates of $4.50 million. Sell-side analysts anticipate that BTCS Inc. will post 0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BTCS. Boothbay Fund Management LLC acquired a new position in shares of BTCS during the fourth quarter valued at $42,000. Intesa Sanpaolo S.p.A. acquired a new position in shares of BTCS during the fourth quarter valued at $43,000. Squarepoint Ops LLC acquired a new position in shares of BTCS during the fourth quarter valued at $51,000. SG Americas Securities LLC acquired a new position in shares of BTCS during the third quarter valued at $53,000. Finally, ACT Wealth Management LLC increased its holdings in shares of BTCS by 66.7% during the fourth quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock valued at $53,000 after purchasing an additional 8,000 shares during the period. 3.48% of the stock is owned by institutional investors and hedge funds.

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.