BTCS (NASDAQ:BTCS) Stock Price Down 8.1% – Here’s Why

BTCS Inc. (NASDAQ:BTCS)’s share price traded down 8.1% during trading on Tuesday . The stock traded as low as $1.22 and last traded at $1.24. 906,466 shares changed hands during trading, an increase of 44% from the average session volume of 629,322 shares. The stock had previously closed at $1.35.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Wall Street Zen lowered shares of BTCS from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of BTCS in a research note 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 for the company in a research note on Tuesday, March 31st. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $5.00.

BTCS Price Performance

The business’s 50 day moving average price is $1.72 and its 200 day moving average price is $2.16. The stock has a market capitalization of $61.73 million, a P/E ratio of -0.50 and a beta of 3.33. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.90 and a quick ratio of 2.90.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Boothbay Fund Management LLC bought a new position in BTCS in the fourth quarter worth approximately $42,000. Intesa Sanpaolo S.p.A. bought a new position in BTCS in the fourth quarter worth approximately $43,000. Squarepoint Ops LLC bought a new position in BTCS in the fourth quarter worth approximately $51,000. ACT Wealth Management LLC raised its position in BTCS by 66.7% in the fourth quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock worth $53,000 after acquiring 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 third quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock worth $53,000 after acquiring an additional 10,324 shares during the period. 3.48% of the stock is currently owned by institutional investors.

BTCS Company Profile

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.