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

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 168,000 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $1.22, for a total value of $204,960.00. Following the sale, the chief executive officer owned 6,844,033 shares of the company’s stock, valued at approximately $8,349,720.26. This trade represents a 2.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Performance

BTCS opened at $1.19 on Wednesday. The company has a market cap of $59.24 million, a PE ratio of -0.48 and a beta of 3.33. The stock has a 50-day moving average of $1.70 and a 200-day moving average of $2.10. BTCS Inc. has a 52-week low of $1.07 and a 52-week high of $8.49. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.90 and a current ratio of 2.90.

BTCS (NASDAQ:BTCS) last released its quarterly earnings results 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 company had revenue of $7.09 million for the quarter, compared to the consensus estimate of $4.50 million. BTCS had a negative return on equity of 14.31% and a negative net margin of 503.06%. As a group, equities research analysts forecast that BTCS Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Trading of BTCS

A number of hedge funds have recently modified their holdings of BTCS. Boothbay Fund Management LLC bought a new stake in shares of BTCS in the 4th quarter worth approximately $42,000. Intesa Sanpaolo S.p.A. bought a new stake in shares of BTCS in the 4th quarter worth approximately $43,000. Squarepoint Ops LLC bought a new stake in shares of BTCS in the 4th quarter worth approximately $51,000. ACT Wealth Management LLC lifted its position in shares of BTCS by 66.7% in the 4th quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock worth $53,000 after acquiring an additional 8,000 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of BTCS by 1,856.8% in the 3rd quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock worth $53,000 after acquiring an additional 10,324 shares during the period. Institutional investors own 3.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BTCS. Weiss Ratings restated a “hold (c)” rating on shares of BTCS in a research note on Friday, March 27th. Wall Street Zen downgraded BTCS from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 28th. Finally, HC Wainwright decreased their target price on BTCS from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, March 31st. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, BTCS has an average rating of “Hold” and an average price target of $5.00.

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.