Digital Brands Group Stock Set to Reverse Split on Friday, July 24th (NASDAQ:DBGI)

Digital Brands Group, Inc. (NASDAQ:DBGI)’s stock is scheduled to reverse split on the morning of Friday, July 24th. The 1-40 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, July 23rd.

Digital Brands Group Trading Down 29.4%

DBGI stock traded down $0.19 during mid-day trading on Monday, reaching $0.45. 2,321,001 shares of the stock traded hands, compared to its average volume of 680,178. The company has a market cap of $9.61 million, a P/E ratio of -0.17 and a beta of -0.04. Digital Brands Group has a 52-week low of $0.26 and a 52-week high of $18.00. The stock’s fifty day moving average is $0.77 and its 200-day moving average is $3.78.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DBGI. Weiss Ratings reissued a “sell (e+)” rating on shares of Digital Brands Group in a research report on Friday. Wall Street Zen lowered Digital Brands Group from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

Insider Activity at Digital Brands Group

In other Digital Brands Group news, CEO John Hilburn Iv Davis acquired 618,333 shares of Digital Brands Group stock in a transaction dated Wednesday, June 10th. The stock was bought at an average cost of $1.13 per share, with a total value of $698,716.29. Following the completion of the transaction, the chief executive officer owned 688,461 shares of the company’s stock, valued at $777,960.93. The trade was a 881.72% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.01% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC acquired a new position in Digital Brands Group during the fourth quarter worth $890,000. Dimensional Fund Advisors LP acquired a new position in Digital Brands Group during the 1st quarter worth $29,000. Fifth Third Bancorp acquired a new position in shares of Digital Brands Group during the first quarter valued at $432,000. Finally, Connective Capital Management LLC acquired a new position in Digital Brands Group during the 4th quarter valued at about $876,000. Institutional investors own 1.56% of the company’s stock.

Digital Brands Group Company Profile

Digital Brands Group Inc (NASDAQ: DBGI) operates as a digital consumption platform focused on acquiring, operating and scaling digitally native consumer brands. The company seeks to partner with emerging and established brands across categories such as fashion, home & lifestyle, health & wellness, and consumer electronics. By leveraging a centralized operating model, Digital Brands Group aims to drive revenue growth, expand market reach and enhance customer engagement for its portfolio companies.

At the core of Digital Brands Group’s strategy is its expertise in e-commerce, digital marketing and data analytics.