Charles Allen Sells 165,000 Shares of BTCS (NASDAQ:BTCS) Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 165,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $1.11, for a total transaction of $183,150.00. Following the transaction, the chief executive officer owned 7,099,033 shares in the company, valued at approximately $7,879,926.63. This trade represents a 2.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Down 4.2%

BTCS opened at $1.13 on Friday. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 0.18. BTCS Inc. has a 1-year low of $1.07 and a 1-year high of $8.49. The company has a market capitalization of $56.25 million, a PE ratio of -0.46 and a beta of 3.33. The firm’s 50 day simple moving average is $1.70 and its two-hundred day simple moving average is $2.13.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wall Street Zen downgraded shares of BTCS from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of BTCS in a research report on Friday, March 27th. Finally, HC Wainwright decreased their price target 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. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.00.

Institutional Trading of BTCS

Institutional investors and hedge funds have recently modified their holdings of the company. Boothbay Fund Management LLC bought a new stake in shares of BTCS during the 4th quarter valued at $42,000. Intesa Sanpaolo S.p.A. bought a new stake in shares of BTCS during the 4th quarter valued at $43,000. Squarepoint Ops LLC bought a new stake in shares of BTCS during the 4th quarter valued at $51,000. ACT Wealth Management LLC raised its position in shares of 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 purchasing an additional 8,000 shares during the period. Finally, Bank of America Corp DE raised its position in shares of 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 purchasing an additional 10,324 shares during the period. 3.48% of the stock is currently owned by institutional investors.

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.