BTCS (NASDAQ:BTCS) Downgraded by Wall Street Zen to Strong Sell

BTCS (NASDAQ:BTCS) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “strong sell” rating in a report issued on Saturday.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of BTCS in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.00.

BTCS Trading Down 10.3%

Shares of BTCS opened at $1.31 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.78 and a current ratio of 4.78. The company has a market cap of $61.36 million, a price-to-earnings ratio of 1.82 and a beta of 3.24. The stock has a fifty day moving average price of $1.88 and a two-hundred day moving average price of $3.06. BTCS has a 52-week low of $1.25 and a 52-week high of $8.49.

BTCS (NASDAQ:BTCS) last announced its earnings results on Thursday, April 2nd. The company reported ($2.48) EPS for the quarter, missing the consensus estimate of $0.01 by ($2.49). BTCS had a negative return on equity of 25.01% and a net margin of 464.44%.The business had revenue of $7.09 million for the quarter, compared to the consensus estimate of $4.50 million. Analysts predict that BTCS will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. OMERS ADMINISTRATION Corp raised its position in shares of BTCS by 179.7% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 100,400 shares of the company’s stock worth $265,000 after acquiring an additional 64,500 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of BTCS by 2.8% during the second quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock valued at $259,000 after acquiring an additional 3,172 shares during the period. Invesco Ltd. boosted its holdings in BTCS by 10.5% in the fourth quarter. Invesco Ltd. now owns 73,811 shares of the company’s stock valued at $195,000 after acquiring an additional 6,997 shares during the last quarter. Franklin Resources Inc. acquired a new stake in BTCS in the fourth quarter worth about $173,000. Finally, Barclays PLC increased its position in BTCS by 284.9% in the fourth quarter. Barclays PLC now owns 58,062 shares of the company’s stock worth $153,000 after purchasing an additional 42,976 shares during the period. 3.48% of the stock is currently owned by institutional investors.

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.