Charles Allen Sells 168,000 Shares of BTCS (NASDAQ:BTCS) Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles 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 completion of the transaction, the chief executive officer directly owned 6,844,033 shares in the company, valued at $8,349,720.26. The trade was a 2.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Performance

Shares of BTCS opened at $1.17 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.90 and a current ratio of 2.90. The stock has a market capitalization of $58.24 million, a P/E ratio of -0.47 and a beta of 3.33. The company’s fifty day moving average is $1.69 and its two-hundred day moving average is $2.09. BTCS Inc. has a 1 year low of $1.07 and a 1 year high of $8.49.

BTCS (NASDAQ:BTCS) last announced its quarterly earnings data on Thursday, March 26th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.06). The firm 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%. On average, sell-side analysts predict that BTCS Inc. will post 0.02 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BTCS. Geode Capital Management LLC lifted its holdings in BTCS by 2.8% in the 2nd quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock valued at $259,000 after purchasing an additional 3,172 shares in the last quarter. Invesco Ltd. acquired a new position in shares of BTCS during the 2nd quarter valued at about $293,000. Tidal Investments LLC acquired a new position in shares of BTCS during the 2nd quarter valued at about $54,000. Vanguard Group Inc. increased its stake 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 acquiring an additional 1,565,996 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of BTCS during the 3rd quarter valued at about $125,000. 3.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. HC Wainwright decreased their target price on shares of BTCS from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, March 31st. Weiss Ratings restated a “hold (c)” rating on shares of BTCS in a research report on Friday, March 27th. Finally, Wall Street Zen lowered shares of BTCS from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 28th. One 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 company 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.