BTCS (NASDAQ:BTCS) Shares Down 1.9% – Should You Sell?

BTCS Inc. (NASDAQ:BTCS) shares fell 1.9% during trading on Thursday . The company traded as low as $1.05 and last traded at $1.06. 379,222 shares were traded during trading, a decline of 63% from the average session volume of 1,032,977 shares. The stock had previously closed at $1.08.

Wall Street Analyst Weigh In

BTCS has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a research note on Wednesday, June 24th. HC Wainwright lowered their price target 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 research note on Saturday, March 28th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $5.00.

BTCS Price Performance

The company has a 50-day moving average of $1.47 and a two-hundred day moving average of $1.85. The stock has a market capitalization of $52.77 million, a PE ratio of -0.43 and a beta of 3.38. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.90 and a quick ratio of 2.90.

Insider Buying and Selling at BTCS

In related news, CEO Charles W. Allen sold 168,000 shares of BTCS stock in a transaction on Monday, June 15th. The stock was sold at an average price of $1.22, for a total value of $204,960.00. Following the transaction, the chief executive officer owned 6,844,033 shares in the company, valued at approximately $8,349,720.26. This trade represents a 2.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 685,000 shares of company stock valued at $812,110. Company insiders own 16.90% of the company’s stock.

Hedge Funds Weigh In On BTCS

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC raised its position in BTCS by 2.8% in the second quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock valued at $259,000 after purchasing an additional 3,172 shares during the period. Invesco Ltd. acquired a new stake in BTCS during the 2nd quarter valued at approximately $293,000. Tidal Investments LLC acquired a new stake in shares of BTCS during the second quarter worth approximately $54,000. Vanguard Group Inc. grew its holdings in BTCS by 354.0% during the 3rd quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company’s stock worth $9,701,000 after acquiring an additional 1,565,996 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in BTCS in the third quarter worth about $125,000. 3.48% of the stock is currently owned by hedge funds and other 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.