Digi Power X (NASDAQ:DGXX) Shares Down 6.4% – Here’s What Happened

Digi Power X Inc. (NASDAQ:DGXX) dropped 6.4% during mid-day trading on Wednesday . The company traded as low as $7.41 and last traded at $7.58. Approximately 5,312,885 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 6,149,847 shares. The stock had previously closed at $8.10.

Analysts Set New Price Targets

DGXX has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Digi Power X in a report on Monday, April 20th. Wall Street Zen raised shares of Digi Power X from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Digi Power X in a report on Friday, May 15th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $4.00.

Digi Power X Stock Down 3.4%

The firm’s 50 day simple moving average is $4.14 and its 200 day simple moving average is $3.43. The company has a market cap of $546.19 million, a price-to-earnings ratio of -12.00 and a beta of 5.85.

Digi Power X (NASDAQ:DGXX) last announced its quarterly earnings results on Friday, May 15th. The company reported $999.00 EPS for the quarter. Digi Power X had a negative net margin of 98.79% and a negative return on equity of 42.04%. The company had revenue of $6.79 million for the quarter.

Insider Activity at Digi Power X

In other Digi Power X news, President Alec Amar sold 27,500 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $3.56, for a total value of $97,900.00. Following the sale, the president owned 1,368,949 shares in the company, valued at approximately $4,873,458.44. This trade represents a 1.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 55,000 shares of company stock valued at $160,032 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vennlight Capital Management LP bought a new position in shares of Digi Power X in the fourth quarter valued at approximately $4,471,000. Vident Advisory LLC bought a new position in shares of Digi Power X in the third quarter valued at approximately $2,663,000. Renaissance Technologies LLC boosted its holdings in shares of Digi Power X by 157.8% in the fourth quarter. Renaissance Technologies LLC now owns 883,501 shares of the company’s stock valued at $2,253,000 after acquiring an additional 540,801 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Digi Power X in the third quarter valued at approximately $1,585,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Digi Power X by 1,771.7% in the fourth quarter. Geode Capital Management LLC now owns 592,399 shares of the company’s stock valued at $1,511,000 after acquiring an additional 560,749 shares in the last quarter. 1.93% of the stock is currently owned by institutional investors.

About Digi Power X

Digihost Technology Inc operates as a blockchain technology company that focuses on digital currency mining in the United States. It mines for cryptocurrency. The company was incorporated in 2017 and is headquartered in Toronto, Canada.