HC Wainwright Lowers BTCS (NASDAQ:BTCS) Price Target to $5.00

BTCS (NASDAQ:BTCS) had its price target lowered by analysts at HC Wainwright from $7.00 to $5.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 287.60% from the company’s current price.

Several other research firms have also recently issued reports on BTCS. Wall Street Zen cut shares of BTCS from a “hold” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a report on Friday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, BTCS presently has an average rating of “Hold” and a consensus price target of $5.00.

BTCS Stock Performance

BTCS stock opened at $1.29 on Tuesday. The company has a market capitalization of $64.18 million, a P/E ratio of -0.68 and a beta of 3.24. The company has a 50-day simple moving average of $1.85 and a 200 day simple moving average of $3.02. BTCS has a fifty-two week low of $1.25 and a fifty-two week high of $8.49. The company has a quick ratio of 3.38, a current ratio of 3.38 and a debt-to-equity ratio of 0.09.

BTCS (NASDAQ:BTCS) last released its earnings results on Thursday, March 26th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.06). BTCS had a negative net margin of 202.29% and a negative return on equity of 14.97%. The company had revenue of $7.09 million for the quarter, compared to analyst estimates of $4.50 million. Sell-side analysts predict that BTCS will post -0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BTCS

Several hedge funds have recently made changes to their positions in BTCS. Boothbay Fund Management LLC bought a new stake in shares of BTCS in the 4th quarter worth approximately $42,000. Intesa Sanpaolo S.p.A. bought a new stake in BTCS during the fourth quarter worth approximately $43,000. Squarepoint Ops LLC bought a new stake in BTCS during the fourth quarter worth approximately $51,000. ACT Wealth Management LLC grew 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 buying an additional 8,000 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of BTCS in the third quarter valued at $53,000. Institutional investors and hedge funds own 3.48% of the company’s stock.

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.