Short Interest in Digital Brands Group, Inc. (NASDAQ:DBGI) Drops By 98.1%

Digital Brands Group, Inc. (NASDAQ:DBGI) was the target of a large drop in short interest in July. As of July 31st, there was short interest totaling 48,595 shares, a drop of 98.1% from the July 15th total of 2,536,469 shares. Currently, 9.1% of the shares of the stock are sold short. Based on an average daily volume of 63,028 shares, the days-to-cover ratio is currently 0.8 days.

Digital Brands Group Stock Down 7.3%

NASDAQ:DBGI traded down $1.25 during mid-day trading on Tuesday, reaching $15.80. 166,130 shares of the company were exchanged, compared to its average volume of 192,365. Digital Brands Group has a 12 month low of $8.37 and a 12 month high of $720.00. The company has a fifty day moving average of $26.56 and a 200 day moving average of $87.51. The stock has a market cap of $8.53 million and a PE ratio of -0.15.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Digital Brands Group in a report on Friday, July 17th. Wall Street Zen downgraded Digital Brands Group from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Insider Transactions at Digital Brands Group

In other news, CEO John Hilburn Iv Davis purchased 15,458 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average cost of $45.20 per share, with a total value of $698,701.60. Following the acquisition, the chief executive officer directly owned 17,211 shares of the company’s stock, valued at approximately $777,937.20. This trade represents a 881.80% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Digital Brands Group

Several large investors have recently made changes to their positions in DBGI. Fifth Third Bancorp bought a new position in Digital Brands Group in the first quarter valued at about $432,000. Geode Capital Management LLC bought a new stake in Digital Brands Group during the 4th quarter worth about $890,000. Connective Capital Management LLC bought a new stake in Digital Brands Group during the 4th quarter worth about $876,000. Finally, Dimensional Fund Advisors LP acquired a new position in Digital Brands Group during the 1st quarter valued at about $29,000. Institutional investors and hedge funds own 1.56% of the company’s stock.

About Digital Brands Group

Digital Brands Group Inc (NASDAQ: DBGI) operates as a digital consumption platform focused on acquiring, operating and scaling digitally native consumer brands. The company seeks to partner with emerging and established brands across categories such as fashion, home & lifestyle, health & wellness, and consumer electronics. By leveraging a centralized operating model, Digital Brands Group aims to drive revenue growth, expand market reach and enhance customer engagement for its portfolio companies.

At the core of Digital Brands Group’s strategy is its expertise in e-commerce, digital marketing and data analytics.