Charles Allen Sells 105,000 Shares of BTCS (NASDAQ:BTCS) Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 105,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $1.27, for a total value of $133,350.00. Following the completion of the transaction, the chief executive officer directly owned 7,414,033 shares in the company, valued at approximately $9,415,821.91. The trade was a 1.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Trading Down 4.2%

NASDAQ:BTCS opened at $1.13 on Friday. The firm has a market cap of $56.25 million, a P/E ratio of -0.46 and a beta of 3.33. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 0.18. The stock’s 50 day simple moving average is $1.70 and its 200-day simple moving average is $2.13. BTCS Inc. has a 12-month low of $1.07 and a 12-month high of $8.49.

BTCS (NASDAQ:BTCS) last released its earnings results on Thursday, March 26th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.06). The company had revenue of $7.09 million during the quarter, compared to analyst estimates of $4.50 million. BTCS had a negative net margin of 503.06% and a negative return on equity of 14.31%. Equities analysts anticipate that BTCS Inc. will post 0.02 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BTCS. State Street Corp grew its holdings in BTCS by 1,286.2% during the fourth quarter. State Street Corp now owns 2,529,760 shares of the company’s stock worth $6,679,000 after acquiring an additional 2,347,260 shares during the period. Vanguard Group Inc. grew its holdings in BTCS by 354.0% during the third quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company’s stock worth $9,701,000 after acquiring an additional 1,565,996 shares during the period. Renaissance Technologies LLC grew its holdings in BTCS by 192.4% during the first quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company’s stock worth $1,469,000 after acquiring an additional 695,555 shares during the period. Geode Capital Management LLC grew its holdings in BTCS by 16.5% during the fourth quarter. Geode Capital Management LLC now owns 1,156,661 shares of the company’s stock worth $3,054,000 after acquiring an additional 164,113 shares during the period. Finally, 683 Capital Management LLC acquired a new position in BTCS during the fourth quarter worth $428,000. Institutional investors and hedge funds own 3.48% of the company’s stock.

Analyst Upgrades and Downgrades

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

BTCS Company Profile

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.