BTCS (NASDAQ:BTCS) Stock Price Down 1.9% – Here’s What Happened

BTCS Inc. (NASDAQ:BTCS)’s share price fell 1.9% during mid-day trading on Thursday . The stock traded as low as $1.05 and last traded at $1.06. Approximately 379,222 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 1,032,977 shares. The stock had previously closed at $1.08.

Analysts Set New Price Targets

BTCS has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of BTCS in a research note on Wednesday, June 24th. HC Wainwright reduced their price objective on shares of BTCS from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, March 31st. Finally, Wall Street Zen lowered shares of BTCS from a “hold” rating to a “strong sell” rating in a report on Saturday, March 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.00.

BTCS Stock Down 0.9%

The business’s 50-day moving average is $1.45 and its two-hundred day moving average is $1.84. The firm has a market capitalization of $52.27 million, a price-to-earnings ratio of -0.43 and a beta of 3.38. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.90 and a current ratio of 2.90.

Insiders Place Their Bets

In other news, CEO Charles W. Allen sold 168,000 shares of BTCS stock in a transaction on Monday, June 15th. The shares were sold at an average price of $1.22, for a total transaction of $204,960.00. Following the transaction, the chief executive officer directly owned 6,844,033 shares of the company’s stock, valued at $8,349,720.26. This trade represents a 2.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 685,000 shares of company stock valued at $812,110 in the last quarter. Company insiders own 16.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp grew its stake in BTCS by 1,286.2% in the fourth quarter. State Street Corp now owns 2,529,760 shares of the company’s stock valued at $6,679,000 after acquiring an additional 2,347,260 shares during the period. Vanguard Group Inc. lifted its holdings in shares of BTCS by 354.0% during the 3rd quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company’s stock valued at $9,701,000 after purchasing an additional 1,565,996 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of BTCS by 16.5% during the 4th quarter. Geode Capital Management LLC now owns 1,156,661 shares of the company’s stock valued at $3,054,000 after purchasing an additional 164,113 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of BTCS by 192.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company’s stock valued at $1,469,000 after purchasing an additional 695,555 shares during the period. Finally, Vident Advisory LLC grew its position in shares of BTCS by 37.4% in the 4th quarter. Vident Advisory LLC now owns 213,338 shares of the company’s stock valued at $563,000 after purchasing an additional 58,113 shares during the period. 3.48% of the stock is currently owned by institutional investors.

About BTCS

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.