Charles Allen Sells 150,000 Shares of BTCS (NASDAQ:BTCS) Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 150,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $1.19, for a total value of $178,500.00. Following the sale, the chief executive officer directly owned 7,264,033 shares of the company’s stock, valued at approximately $8,644,199.27. This trade represents a 2.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Trading Up 1.3%

Shares of NASDAQ:BTCS traded up $0.02 during trading on Thursday, reaching $1.18. 1,203,831 shares of the company traded hands, compared to its average volume of 830,795. The firm has a market capitalization of $58.49 million, a price-to-earnings ratio of -0.48 and a beta of 3.33. BTCS Inc. has a 52-week low of $1.07 and a 52-week high of $8.49. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 0.18. The business’s fifty day moving average is $1.71 and its 200-day moving average is $2.15.

BTCS (NASDAQ:BTCS) last released its quarterly earnings data on Thursday, March 26th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.06). The company had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $4.50 million. BTCS had a negative net margin of 503.06% and a negative return on equity of 14.31%. As a group, analysts forecast that BTCS Inc. will post 0.02 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Oxford Asset Management LLP purchased a new position in shares of BTCS in the 4th quarter valued at approximately $103,000. Barclays PLC boosted its stake in BTCS by 284.9% during the fourth quarter. Barclays PLC now owns 58,062 shares of the company’s stock worth $153,000 after acquiring an additional 42,976 shares in the last quarter. Marshall Wace LLP bought a new stake in BTCS during the fourth quarter worth about $111,000. State of Wyoming bought a new stake in BTCS during the fourth quarter worth about $66,000. Finally, Nomura Holdings Inc. bought a new stake in BTCS during the third quarter worth about $58,000. Hedge funds and other institutional investors own 3.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BTCS. HC Wainwright decreased their price objective on shares of BTCS from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, March 31st. Wall Street Zen cut shares of BTCS from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 28th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of BTCS in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.00.

BTCS Company Profile

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.