Charles Allen Sells 87,000 Shares of BTCS (NASDAQ:BTCS) Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 87,000 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $1.15, for a total transaction of $100,050.00. Following the transaction, the chief executive officer owned 7,012,033 shares in the company, valued at $8,063,837.95. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Trading Down 1.7%

NASDAQ BTCS opened at $1.17 on Thursday. BTCS Inc. has a 12 month low of $1.07 and a 12 month high of $8.49. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.90 and a quick ratio of 2.90. The company has a market capitalization of $58.24 million, a price-to-earnings ratio of -0.47 and a beta of 3.33. The company’s fifty day moving average price is $1.69 and its two-hundred day moving average price is $2.09.

BTCS (NASDAQ:BTCS) last posted its quarterly earnings data on Thursday, March 26th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.06). BTCS had a negative net margin of 503.06% and a negative return on equity of 14.31%. The company had revenue of $7.09 million for the quarter, compared to the consensus estimate of $4.50 million. As a group, research analysts predict that BTCS Inc. will post 0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BTCS. Wall Street Zen cut shares of BTCS from a “hold” rating to a “strong sell” rating in a report on Saturday, March 28th. Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a report on Friday, March 27th. Finally, HC Wainwright dropped their target price on shares of BTCS from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, March 31st. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $5.00.

Institutional Trading of BTCS

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC increased its holdings in shares of BTCS by 2.8% in the 2nd quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock worth $259,000 after acquiring an additional 3,172 shares during the period. Invesco Ltd. increased its stake in BTCS by 10.5% during the 4th quarter. Invesco Ltd. now owns 73,811 shares of the company’s stock valued at $195,000 after buying an additional 6,997 shares during the period. ACT Wealth Management LLC increased its stake in BTCS by 66.7% during the 4th quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock valued at $53,000 after buying an additional 8,000 shares during the period. Commonwealth Equity Services LLC increased its stake in BTCS by 7.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 116,591 shares of the company’s stock valued at $308,000 after buying an additional 8,422 shares during the period. Finally, Bank of America Corp DE increased its stake in BTCS by 1,856.8% during the 3rd quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock valued at $53,000 after buying an additional 10,324 shares during the period. Institutional investors and hedge funds own 3.48% of the company’s stock.

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.