BTCS Inc. (NASDAQ:BTCS) Sees Significant Increase in Short Interest

BTCS Inc. (NASDAQ:BTCS) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totaling 1,981,892 shares, a growth of 34.5% from the December 15th total of 1,473,350 shares. Approximately 7.4% of the shares of the company are short sold. Based on an average daily volume of 1,285,928 shares, the days-to-cover ratio is currently 1.5 days. Based on an average daily volume of 1,285,928 shares, the days-to-cover ratio is currently 1.5 days. Approximately 7.4% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BTCS shares. Weiss Ratings reiterated a “hold (c)” rating on shares of BTCS in a research note on Monday, December 29th. Zacks Research raised BTCS from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $7.00.

BTCS Stock Performance

Shares of NASDAQ BTCS opened at $2.90 on Friday. The company has a 50 day simple moving average of $3.01 and a two-hundred day simple moving average of $3.97. The stock has a market cap of $135.84 million, a price-to-earnings ratio of 4.03 and a beta of 1.54. The company has a current ratio of 4.78, a quick ratio of 4.78 and a debt-to-equity ratio of 0.05. BTCS has a 12 month low of $1.25 and a 12 month high of $8.49.

BTCS (NASDAQ:BTCS) last posted its earnings results on Thursday, November 13th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.13). BTCS had a net margin of 464.44% and a negative return on equity of 25.01%. The business had revenue of $4.94 million for the quarter, compared to analyst estimates of $3.00 million. As a group, analysts predict that BTCS will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Charles W. Allen bought 67,501 shares of the company’s stock in a transaction on Wednesday, November 19th. The shares were bought at an average price of $2.89 per share, with a total value of $195,077.89. Following the transaction, the chief executive officer owned 4,666,506 shares in the company, valued at approximately $13,486,202.34. This trade represents a 1.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have purchased 90,500 shares of company stock valued at $261,425. 42.80% of the stock is owned by company insiders.

Institutional Trading of BTCS

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in BTCS by 354.0% in 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 period. Vident Advisory LLC purchased a new position in BTCS during the third quarter valued at $750,000. Invesco Ltd. acquired a new stake in shares of BTCS in the second quarter valued at about $293,000. Geode Capital Management LLC increased its stake in shares of BTCS by 2.8% during the second 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 in the last quarter. Finally, Millennium Management LLC acquired a new position in shares of BTCS during the 3rd quarter worth about $449,000. 3.48% of the stock is owned by institutional investors and hedge funds.

About BTCS

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.