Charles Allen Sells 168,000 Shares of BTCS (NASDAQ:BTCS) Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 168,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $1.22, for a total value of $204,960.00. Following the completion of the transaction, the chief executive officer owned 6,844,033 shares in the company, valued at $8,349,720.26. This represents a 2.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Performance

BTCS stock traded up $0.01 during trading hours on Tuesday, reaching $1.21. 1,627,137 shares of the company were exchanged, compared to its average volume of 847,683. The firm has a market cap of $59.98 million, a price-to-earnings ratio of -0.49 and a beta of 3.33. 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 stock has a 50-day moving average of $1.70 and a 200 day moving average of $2.11. BTCS Inc. has a 12 month low of $1.07 and a 12 month high of $8.49.

BTCS (NASDAQ:BTCS) last announced its earnings results on Thursday, March 26th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $7.09 million for the quarter, compared to the consensus estimate of $4.50 million. As a group, research analysts anticipate that BTCS Inc. will post 0.02 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. HC Wainwright reduced their price objective on BTCS from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a research report on Friday, March 27th. Finally, Wall Street Zen cut BTCS from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 28th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.00.

Institutional Investors Weigh In On BTCS

Several hedge funds have recently modified their holdings of BTCS. Boothbay Fund Management LLC acquired a new position in shares of BTCS in the fourth quarter valued at $42,000. Intesa Sanpaolo S.p.A. acquired a new position in shares of BTCS in the fourth quarter valued at $43,000. Squarepoint Ops LLC acquired a new position in shares of BTCS in the fourth quarter valued at $51,000. ACT Wealth Management LLC raised its stake in shares of BTCS by 66.7% in the fourth quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock valued at $53,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of BTCS by 1,856.8% in the third quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock valued at $53,000 after purchasing an additional 10,324 shares in the last quarter. 3.48% of the stock is owned by institutional investors.

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.