BTCS (NASDAQ:BTCS) Stock Price Down 9% – Here’s What Happened

BTCS Inc. (NASDAQ:BTCS)’s share price fell 9% during trading on Friday . The company traded as low as $3.23 and last traded at $3.23. 1,194,318 shares were traded during trading, a decline of 9% from the average session volume of 1,318,017 shares. The stock had previously closed at $3.55.

Analysts Set New Price Targets

BTCS has been the subject of several research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of BTCS in a research report on Monday, December 8th. Zacks Research upgraded shares of BTCS from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.00.

BTCS Stock Down 9.0%

The business has a 50-day simple moving average of $3.66 and a 200-day simple moving average of $3.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.78 and a current ratio of 4.78. The company has a market cap of $151.29 million, a price-to-earnings ratio of 4.49 and a beta of 1.55.

BTCS (NASDAQ:BTCS) last released its earnings results on Thursday, November 13th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.13). BTCS had a negative return on equity of 25.01% and a net margin of 464.44%.The firm had revenue of $4.94 million for the quarter, compared to analysts’ expectations of $3.00 million. On average, equities analysts anticipate that BTCS Inc. will post -0.08 earnings per share for the current fiscal year.

BTCS Dividend Announcement

The business also recently declared a dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, September 26th were paid a $0.05 dividend. The ex-dividend date was Friday, September 26th.

Insider Activity at BTCS

In other news, CEO Charles W. Allen bought 67,501 shares of the business’s stock in a transaction dated Wednesday, November 19th. The shares were acquired at an average price of $2.89 per share, for a total transaction of $195,077.89. Following the completion of the transaction, the chief executive officer owned 4,666,506 shares of the company’s stock, valued at approximately $13,486,202.34. This trade represents a 1.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have acquired 90,500 shares of company stock valued at $261,425. Company insiders own 42.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BTCS. Vanguard Group Inc. boosted its holdings in shares of BTCS by 354.0% in the third quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company’s stock valued at $9,701,000 after acquiring an additional 1,565,996 shares during the period. Vident Advisory LLC purchased a new stake in BTCS in the 3rd quarter valued at $750,000. Invesco Ltd. acquired a new stake in BTCS during the 2nd quarter worth $293,000. Geode Capital Management LLC grew its position in BTCS by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock worth $259,000 after purchasing an additional 3,172 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in BTCS in the third quarter valued at $449,000. Hedge funds and other institutional investors own 3.48% of the company’s stock.

About BTCS

BTCS Inc operates in blockchain technology sector the United States. Its blockchain-infrastructure secures and operates validator nodes on disruptive blockchain networks, as well as validates transactions for crypto holding delegations on dPoS blockchains. The company offers StakeSeeker, a cryptocurrency dashboard and staking-as-a-service platform that allows crypto asset holders to earn rewards by participating in network consensus mechanisms; and Builder+, a Ethereum block builder offered to maximize validator earnings by utilizing algorithms to construct optimized blocks for on-chain validation.