Short Interest in Digital Brands Group, Inc. (NASDAQ:DBGI) Declines By 98.1%

Digital Brands Group, Inc. (NASDAQ:DBGI) was the target of a significant decrease in short interest in July. As of July 31st, there was short interest totaling 48,595 shares, a decrease of 98.1% from the July 15th total of 2,536,469 shares. Based on an average daily trading volume, of 63,028 shares, the days-to-cover ratio is presently 0.8 days. Approximately 9.1% of the shares of the stock are short sold.

Digital Brands Group Stock Up 9.2%

NASDAQ DBGI traded up $1.45 on Wednesday, reaching $17.25. The stock had a trading volume of 39,643 shares, compared to its average volume of 86,400. The stock has a fifty day moving average price of $26.56 and a two-hundred day moving average price of $87.51. Digital Brands Group has a 12-month low of $8.37 and a 12-month high of $720.00. The firm has a market capitalization of $9.23 million and a price-to-earnings ratio of -0.16.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Digital Brands Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Digital Brands Group in a report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.

Insider Buying and Selling

In related news, CEO John Hilburn Iv Davis bought 15,458 shares of the stock in a transaction dated Wednesday, June 10th. The shares were acquired at an average cost of $45.20 per share, for a total transaction of $698,701.60. Following the acquisition, the chief executive officer directly owned 17,211 shares in the company, valued at approximately $777,937.20. This trade represents a 881.80% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On Digital Brands Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC purchased a new stake in shares of Digital Brands Group during the fourth quarter worth $890,000. Connective Capital Management LLC acquired a new stake in Digital Brands Group in the 4th quarter valued at about $876,000. Fifth Third Bancorp acquired a new position in shares of Digital Brands Group during the first quarter worth about $432,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Digital Brands Group during the first quarter worth about $29,000. 1.56% of the stock is currently owned by hedge funds and other institutional investors.

About Digital Brands Group

Digital Brands Group Inc (NASDAQ: DBGI) operates as a digital consumption platform focused on acquiring, operating and scaling digitally native consumer brands. The company seeks to partner with emerging and established brands across categories such as fashion, home & lifestyle, health & wellness, and consumer electronics. By leveraging a centralized operating model, Digital Brands Group aims to drive revenue growth, expand market reach and enhance customer engagement for its portfolio companies.

At the core of Digital Brands Group’s strategy is its expertise in e-commerce, digital marketing and data analytics.