Digi Power X (NASDAQ:DGXX) Shares Down 11.2% – Here’s Why

Digi Power X Inc. (NASDAQ:DGXX) shares dropped 11.2% during mid-day trading on Thursday. The company traded as low as $1.77 and last traded at $1.90. Approximately 4,393,175 shares traded hands during trading, an increase of 82% from the average session volume of 2,409,774 shares. The stock had previously closed at $2.14.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on DGXX shares. Alliance Global Partners reiterated a “buy” rating on shares of Digi Power X in a research note on Friday, August 14th. Wall Street Zen cut shares of Digi Power X from a “hold” rating to a “sell” rating in a research report on Saturday, September 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Digi Power X in a report on Thursday, October 15th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $5.00.

Digi Power X Stock Down 11.2%

The firm has a market cap of $192.66 million, a P/E ratio of -3.52 and a beta of 6.31. The firm has a fifty day moving average of $3.32 and a 200-day moving average of $3.93.

Digi Power X (NASDAQ:DGXX) last released its earnings results on Friday, August 14th. The company reported ($0.17) earnings per share for the quarter. The firm had revenue of $6.63 million during the quarter. Digi Power X had a negative net margin of 116.79% and a negative return on equity of 26.75%.

Insider Buying and Selling

In related news, President Alec Amar bought 10,000 shares of Digi Power X stock in a transaction that occurred on Thursday, August 20th. The stock was acquired at an average price of $3.86 per share, with a total value of $38,600.00. Following the acquisition, the president owned 1,378,949 shares of the company’s stock, valued at approximately $5,322,743.14. This represents a 0.73% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michel Amar acquired 20,000 shares of Digi Power X stock in a transaction dated Wednesday, October 14th. The shares were purchased at an average price of $2.76 per share, with a total value of $55,200.00. Following the acquisition, the chief executive officer owned 1,719,885 shares of the company’s stock, valued at approximately $4,746,882.60. This trade represents a 1.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 50,000 shares of company stock valued at $165,800.

Institutional Investors Weigh In On Digi Power X

A number of institutional investors have recently modified their holdings of the business. Dynamic Advisor Solutions LLC bought a new stake in Digi Power X in the 2nd quarter valued at about $66,000. FNY Investment Advisers LLC acquired a new position in Digi Power X in the 2nd quarter worth about $79,000. Chicago Partners Investment Group LLC bought a new position in shares of Digi Power X during the first quarter valued at $34,000. Wedbush Securities Inc. bought a new position in shares of Digi Power X during the second quarter worth about $113,000. Finally, Commonwealth Equity Services LLC lifted its holdings in Digi Power X by 32.1% in the third quarter. Commonwealth Equity Services LLC now owns 22,616 shares of the company’s stock valued at $93,000 after buying an additional 5,500 shares during the period. Institutional investors own 1.93% of the company’s stock.

About Digi Power X

Digi Power X Inc (NASDAQ: DGXX) is a vertically integrated technology and energy company focused on digital asset mining and data center infrastructure. The company develops, owns and operates facilities designed to support energy-intensive computing activities, including Bitcoin mining and other high-performance computing applications.

Digi Power X’s operations are centered on securing and managing power resources, deploying specialized computing equipment, and operating data centers.