BTCS (NASDAQ:BTCS) Stock Rating Lowered by Wall Street Zen

BTCS (NASDAQ:BTCS) was downgraded by Wall Street Zen from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $7.00.

BTCS Price Performance

BTCS stock opened at $1.31 on Friday. The firm has a market cap of $65.17 million, a P/E ratio of -0.69 and a beta of 3.24. The firm’s fifty day moving average is $1.88 and its 200 day moving average is $3.04. BTCS has a 52 week low of $1.25 and a 52 week high of $8.49. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.38 and a current ratio of 3.38.

BTCS (NASDAQ:BTCS) last posted its quarterly earnings results on Friday, March 27th. 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 14.97% and a negative net margin of 202.29%.The business had revenue of $7.09 million during the quarter, compared to the consensus estimate of $4.50 million. Research analysts predict that BTCS will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On BTCS

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of BTCS by 1,286.2% in the fourth quarter. State Street Corp now owns 2,529,760 shares of the company’s stock worth $6,679,000 after buying an additional 2,347,260 shares in the last quarter. Vanguard Group Inc. grew its stake 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 worth $9,701,000 after acquiring an additional 1,565,996 shares during the period. Geode Capital Management LLC raised its holdings in shares of BTCS by 16.5% during the fourth quarter. Geode Capital Management LLC now owns 1,156,661 shares of the company’s stock valued at $3,054,000 after purchasing an additional 164,113 shares during the last quarter. Renaissance Technologies LLC bought a new position in BTCS during the fourth quarter valued at approximately $954,000. Finally, Vident Advisory LLC lifted its position in BTCS by 37.4% during the fourth quarter. Vident Advisory LLC now owns 213,338 shares of the company’s stock valued at $563,000 after purchasing an additional 58,113 shares during the period. Hedge funds and other institutional investors own 3.48% of the company’s stock.

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.