BTCS (NASDAQ:BTCS) CEO Charles Allen Sells 87,000 Shares

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 87,000 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $1.15, for a total transaction of $100,050.00. Following the transaction, the chief executive officer directly owned 7,012,033 shares of the company’s stock, valued at $8,063,837.95. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Price Performance

Shares of BTCS traded up $0.01 during midday trading on Tuesday, hitting $1.21. 1,627,137 shares of the company traded hands, compared to its average volume of 847,683. The firm has a 50 day moving average of $1.70 and a 200-day moving average of $2.11. BTCS Inc. has a 52 week low of $1.07 and a 52 week high of $8.49. The stock 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 debt-to-equity ratio of 0.18, a quick ratio of 2.90 and a current ratio of 2.90.

BTCS (NASDAQ:BTCS) last released its quarterly earnings data on Thursday, March 26th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.06). BTCS had a negative net margin of 503.06% and a negative return on equity of 14.31%. The company had revenue of $7.09 million for the quarter, compared to the consensus estimate of $4.50 million. On average, analysts forecast that BTCS Inc. will post 0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Boothbay Fund Management LLC bought a new position in shares of BTCS in the 4th quarter valued at about $42,000. Intesa Sanpaolo S.p.A. bought a new position in shares of BTCS in the 4th quarter valued at about $43,000. Squarepoint Ops LLC bought a new position in shares of BTCS in the 4th quarter valued at about $51,000. ACT Wealth Management LLC raised its position in BTCS by 66.7% in the 4th quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock worth $53,000 after purchasing an additional 8,000 shares during the period. Finally, Bank of America Corp DE raised its position in BTCS by 1,856.8% in the 3rd quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock worth $53,000 after purchasing an additional 10,324 shares during the period. Institutional investors own 3.48% of the company’s stock.

Wall Street Analysts Forecast Growth

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