Insider Selling: BTCS (NASDAQ:BTCS) CEO Sells $183,150.00 in Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 165,000 shares of BTCS stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $1.11, for a total transaction of $183,150.00. Following the completion of the transaction, the chief executive officer directly owned 7,099,033 shares in the company, valued at $7,879,926.63. The trade was a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Down 4.2%

BTCS stock opened at $1.13 on Friday. The company has a market cap of $56.25 million, a price-to-earnings ratio of -0.46 and a beta of 3.33. The company has a fifty day moving average price of $1.70 and a 200 day moving average price of $2.13. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.90 and a quick ratio of 2.90. BTCS Inc. has a 12 month low of $1.07 and a 12 month high of $8.49.

BTCS (NASDAQ:BTCS) last issued its quarterly earnings data 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). BTCS had a negative return on equity of 14.31% and a negative net margin of 503.06%.The business had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $4.50 million. Sell-side analysts expect that BTCS Inc. will post 0.02 earnings per share for the current year.

Institutional Trading of BTCS

Hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its holdings in shares of BTCS by 192.4% in the first quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company’s stock valued at $1,469,000 after acquiring an additional 695,555 shares in the last quarter. Virtu Financial LLC purchased a new position in BTCS during the fourth quarter worth about $92,000. Invesco Ltd. raised its holdings in BTCS by 10.5% during the fourth quarter. Invesco Ltd. now owns 73,811 shares of the company’s stock worth $195,000 after purchasing an additional 6,997 shares in the last quarter. Vident Advisory LLC lifted its position in BTCS by 37.4% in the fourth quarter. Vident Advisory LLC now owns 213,338 shares of the company’s stock valued at $563,000 after purchasing an additional 58,113 shares during the period. Finally, XTX Topco Ltd lifted its position in BTCS by 81.0% in the fourth quarter. XTX Topco Ltd now owns 86,025 shares of the company’s stock valued at $227,000 after purchasing an additional 38,488 shares during the period. Institutional investors and hedge funds own 3.48% of the company’s stock.

Wall Street Analyst Weigh In

BTCS has been the topic of several recent research reports. Wall Street Zen cut BTCS from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of BTCS in a research report on Friday, March 27th. Finally, HC Wainwright lowered their target price on BTCS from $7.00 to $5.00 and set a “buy” rating on the stock 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’s stock. Based on data from MarketBeat, BTCS currently has an average rating of “Hold” and a consensus target price 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.