Digi Power X (NASDAQ:DGXX) Trading 8.4% Higher – Here’s Why

Digi Power X Inc. (NASDAQ:DGXX) rose 8.4% during trading on Thursday . The company traded as high as $3.37 and last traded at $3.37. Approximately 1,196,734 shares traded hands during trading, a decline of 41% from the average daily volume of 2,041,191 shares. The stock had previously closed at $3.11.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wall Street Zen cut Digi Power X from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Digi Power X in a report on Monday, April 20th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.00.

Digi Power X Trading Up 8.4%

The firm has a fifty day simple moving average of $2.66 and a two-hundred day simple moving average of $3.16. The stock has a market cap of $154.45 million, a PE ratio of -5.35 and a beta of 5.85.

Digi Power X (NASDAQ:DGXX) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.17). Digi Power X had a negative net margin of 82.94% and a negative return on equity of 54.82%. The business had revenue of $8.65 million during the quarter, compared to analysts’ expectations of $6.80 million. Equities analysts forecast that Digi Power X Inc. will post -0.39 earnings per share for the current year.

Insider Buying and Selling at Digi Power X

In other Digi Power X news, President Alec Amar sold 25,700 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $2.26, for a total value of $58,082.00. Following the sale, the president owned 1,341,449 shares of the company’s stock, valued at $3,031,674.74. This trade represents a 1.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 55,000 shares of company stock valued at $131,707.

Hedge Funds Weigh In On Digi Power X

Several institutional investors have recently modified their holdings of DGXX. Vennlight Capital Management LP bought a new position in shares of Digi Power X during the 4th quarter valued at about $4,471,000. Vident Advisory LLC bought a new position in shares of Digi Power X during the 3rd quarter valued at about $2,663,000. Alyeska Investment Group L.P. bought a new position in shares of Digi Power X during the 3rd quarter valued at about $1,585,000. Geode Capital Management LLC increased its position in shares of Digi Power X by 1,771.7% during the 4th quarter. Geode Capital Management LLC now owns 592,399 shares of the company’s stock valued at $1,511,000 after purchasing an additional 560,749 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position 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 valued at $2,253,000 after purchasing an additional 540,801 shares during the last quarter. 1.93% of the stock is currently owned by institutional investors.

About Digi Power X

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.