Digital Brands Group (NASDAQ:DBGI) Trading Down 4.6% – Here’s What Happened

Digital Brands Group, Inc. (NASDAQ:DBGI)’s stock price traded down 4.6% during mid-day trading on Wednesday . The stock traded as low as $0.7001 and last traded at $0.7344. 994,094 shares traded hands during trading, a decline of 53% from the average daily volume of 2,098,132 shares. The stock had previously closed at $0.77.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DBGI shares. Wall Street Zen cut Digital Brands Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Digital Brands Group in a report on Monday, April 20th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Digital Brands Group Trading Down 4.6%

The firm’s 50-day moving average is $0.90 and its 200 day moving average is $4.35. The firm has a market capitalization of $15.72 million, a price-to-earnings ratio of -0.27 and a beta of -0.04.

Digital Brands Group (NASDAQ:DBGI) last posted its earnings results on Wednesday, April 15th. The company reported ($1.97) earnings per share for the quarter. Digital Brands Group had a negative return on equity of 380.16% and a negative net margin of 550.26%.The business had revenue of $1.60 million for the quarter.

Insider Activity at Digital Brands Group

In other Digital Brands Group news, CEO John Hilburn Iv Davis acquired 618,333 shares of Digital Brands Group stock in a transaction that occurred on Wednesday, June 10th. The shares were bought at an average price of $1.13 per share, with a total value of $698,716.29. Following the completion of the purchase, the chief executive officer directly owned 688,461 shares in the company, valued at $777,960.93. This trade represents a 881.72% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.01% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP bought a new stake in shares of Digital Brands Group in the 1st quarter valued at about $29,000. Cantor Fitzgerald L. P. acquired a new position in shares of Digital Brands Group in the third quarter worth approximately $221,000. Fifth Third Bancorp bought a new stake in Digital Brands Group in the first quarter valued at approximately $432,000. Connective Capital Management LLC bought a new stake in Digital Brands Group in the fourth quarter valued at approximately $876,000. Finally, Geode Capital Management LLC acquired a new stake in Digital Brands Group during the 4th quarter valued at approximately $890,000. 1.56% of the stock is owned by institutional investors and hedge funds.

Digital Brands Group Company Profile

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.