Digital Brands Group (NASDAQ:DBGI) Trading 6.9% Higher – Here’s What Happened

Shares of Digital Brands Group, Inc. (NASDAQ:DBGI) were up 6.9% during trading on Wednesday . The stock traded as high as $1.46 and last traded at $1.40. Approximately 533,811 shares were traded during trading, an increase of 28% from the average daily volume of 417,022 shares. The stock had previously closed at $1.31.

Analysts Set New Price Targets

Several analysts have commented on DBGI shares. Wall Street Zen downgraded shares of Digital Brands Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Digital Brands Group in a report on Monday, April 20th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Digital Brands Group Stock Up 6.9%

The company has a quick ratio of 0.67, a current ratio of 0.79 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $23.28 million, a price-to-earnings ratio of -0.48 and a beta of 0.36. The stock’s fifty day moving average price is $2.30 and its 200-day moving average price is $6.60.

Digital Brands Group (NASDAQ:DBGI) last posted its quarterly earnings data on Wednesday, April 15th. The company reported $999.00 earnings per share (EPS) for the quarter. Digital Brands Group had a negative net margin of 382.78% and a negative return on equity of 296.72%.

Institutional Trading of Digital Brands Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp acquired a new stake in shares of Digital Brands Group in the first quarter valued at approximately $432,000. Geode Capital Management LLC bought a new position in shares of Digital Brands Group in the fourth quarter valued at $890,000. Connective Capital Management LLC bought a new position in shares of Digital Brands Group in the fourth quarter valued at $876,000. Finally, Cantor Fitzgerald L. P. bought a new position in shares of Digital Brands Group in the third quarter valued at $221,000. 1.56% of the stock is currently owned by institutional investors and hedge funds.

About Digital Brands Group

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.