Short Interest in Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Drops By 21.0%

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) was the target of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 673,500 shares, a decrease of 21.0% from the January 15th total of 852,000 shares. Currently, 5.3% of the shares of the stock are sold short. Based on an average trading volume of 522,000 shares, the days-to-cover ratio is currently 1.3 days.

Wall Street Analysts Forecast Growth

Separately, B. Riley upgraded shares of Stronghold Digital Mining from a “hold” rating to a “strong-buy” rating in a report on Friday, November 15th.

Stronghold Digital Mining Price Performance

Shares of SDIG remained flat at $3.35 on Friday. 99,142 shares of the company traded hands, compared to its average volume of 314,183. The company has a quick ratio of 0.21, a current ratio of 0.27 and a debt-to-equity ratio of 1.73. The firm has a 50 day simple moving average of $3.94 and a 200 day simple moving average of $4.30. Stronghold Digital Mining has a 12 month low of $1.65 and a 12 month high of $6.70.

Insider Activity at Stronghold Digital Mining

In other news, CEO Gregory A. Beard sold 14,201 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $3.85, for a total transaction of $54,673.85. Following the completion of the sale, the chief executive officer now directly owns 446,533 shares in the company, valued at approximately $1,719,152.05. This represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 30,686 shares of company stock valued at $115,775 over the last 90 days. 21.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Stronghold Digital Mining

Several institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp increased its position in shares of Stronghold Digital Mining by 16.9% during the fourth quarter. Northern Trust Corp now owns 28,571 shares of the company’s stock valued at $100,000 after acquiring an additional 4,120 shares in the last quarter. Walleye Capital LLC increased its position in shares of Stronghold Digital Mining by 49.8% during the fourth quarter. Walleye Capital LLC now owns 303,000 shares of the company’s stock valued at $1,060,000 after acquiring an additional 100,707 shares in the last quarter. Invesco Ltd. increased its position in shares of Stronghold Digital Mining by 32.9% during the fourth quarter. Invesco Ltd. now owns 78,524 shares of the company’s stock valued at $275,000 after acquiring an additional 19,427 shares in the last quarter. BIT Capital GmbH bought a new stake in shares of Stronghold Digital Mining during the fourth quarter valued at approximately $5,478,000. Finally, Virtu Financial LLC bought a new stake in shares of Stronghold Digital Mining during the fourth quarter valued at approximately $167,000. Institutional investors own 19.33% of the company’s stock.

Stronghold Digital Mining Company Profile

Stronghold Digital Mining, Inc, a crypto asset mining company, focuses on Bitcoin mining in the United States. It operates in two segments, Energy Operations and Cryptocurrency Operations. It also owns and operates coal refuse power generation facilities; and provides environmental remediation and reclamation services.