BTCS (NASDAQ:BTCS) CEO Sells $204,960.00 in Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 168,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer directly owned 6,844,033 shares in the company, valued at $8,349,720.26. This trade represents a 2.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Down 6.0%

Shares of NASDAQ:BTCS opened at $1.10 on Friday. BTCS Inc. has a 52-week low of $1.06 and a 52-week high of $8.49. The stock has a market cap of $54.76 million, a P/E ratio of -0.45 and a beta of 3.33. The business has a fifty day moving average of $1.68 and a two-hundred day moving average of $2.07. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 0.18.

BTCS (NASDAQ:BTCS) last posted its quarterly earnings results on Thursday, March 26th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate 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 return on equity of 14.31% and a negative net margin of 503.06%. On average, research analysts expect that BTCS Inc. will post 0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

BTCS has been the topic of several recent analyst reports. Wall Street Zen lowered shares of BTCS from a “hold” rating to a “strong sell” rating in a report on Saturday, March 28th. Weiss Ratings restated a “hold (c)” rating on shares of BTCS in a report on Friday, March 27th. Finally, HC Wainwright reduced their price target 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. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.00.

Institutional Trading of BTCS

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its holdings in BTCS by 2.8% in the 2nd quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock valued at $259,000 after buying an additional 3,172 shares during the period. Invesco Ltd. boosted its stake 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 buying an additional 6,997 shares during the period. ACT Wealth Management LLC increased its position in shares of BTCS by 66.7% during the fourth quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock valued at $53,000 after acquiring an additional 8,000 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of BTCS by 7.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 116,591 shares of the company’s stock valued at $308,000 after acquiring an additional 8,422 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of BTCS by 1,856.8% in the 3rd quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock valued at $53,000 after acquiring an additional 10,324 shares during the period. 3.48% of the stock is owned by institutional investors and hedge funds.

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.