Renaissance Technologies LLC Buys 695,555 Shares of BTCS Inc. $BTCS

Renaissance Technologies LLC raised its stake in BTCS Inc. (NASDAQ:BTCS) by 192.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,057,100 shares of the company’s stock after purchasing an additional 695,555 shares during the quarter. Renaissance Technologies LLC’s holdings in BTCS were worth $1,469,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Boothbay Fund Management LLC bought a new stake in BTCS in the 4th quarter worth $42,000. Intesa Sanpaolo S.p.A. purchased a new stake in shares of BTCS during the fourth quarter worth about $43,000. Squarepoint Ops LLC bought a new stake in shares of BTCS in the fourth quarter worth about $51,000. Bank of America Corp DE increased its holdings in BTCS by 1,856.8% during the 3rd 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 during the period. Finally, Tidal Investments LLC bought a new position in BTCS during the 2nd quarter valued at approximately $54,000. Institutional investors own 3.48% of the company’s stock.

BTCS Stock Performance

Shares of BTCS stock opened at $1.09 on Thursday. BTCS Inc. has a one year low of $0.96 and a one year high of $6.15. The company’s 50-day moving average is $1.10 and its 200 day moving average is $1.54. The company has a market capitalization of $54.26 million, a price-to-earnings ratio of -0.44 and a beta of 3.41. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.90 and a current ratio of 2.90.

Insider Activity

In other news, CEO Charles W. Allen sold 168,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $1.22, for a total transaction of $204,960.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 685,000 shares of company stock valued at $812,110 in the last 90 days. Corporate insiders own 16.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.