Digi Power X (NASDAQ:DGXX) Shares Up 8.8% – Should You Buy?

Shares of Digi Power X Inc. (NASDAQ:DGXX) rose 8.8% during trading on Thursday . The stock traded as high as $8.61 and last traded at $8.7180. Approximately 3,252,259 shares changed hands during trading, a decline of 47% from the average daily volume of 6,183,039 shares. The stock had previously closed at $8.01.

Wall Street Analysts Forecast Growth

Several research firms recently commented on DGXX. Weiss Ratings restated a “sell (d-)” rating on shares of Digi Power X in a report on Monday, April 20th. Alliance Global Partners restated a “buy” rating on shares of Digi Power X in a report on Friday, May 15th. Finally, Wall Street Zen upgraded shares of Digi Power X from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.00.

Digi Power X Price Performance

The business has a fifty day moving average of $4.48 and a 200 day moving average of $3.51. The stock has a market cap of $545.22 million, a price-to-earnings ratio of -12.02 and a beta of 5.85.

Digi Power X (NASDAQ:DGXX) last released its quarterly earnings data on Friday, May 15th. The company reported $999.00 EPS for the quarter. Digi Power X had a negative return on equity of 42.04% and a negative net margin of 98.79%.The firm had revenue of $6.79 million for the quarter.

Insider Buying and Selling

In related news, President Alec Amar sold 27,500 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $3.56, for a total value of $97,900.00. Following the transaction, the president owned 1,368,949 shares in the company, valued at approximately $4,873,458.44. This represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 55,000 shares of company stock valued at $160,032 in the last 90 days.

Hedge Funds Weigh In On Digi Power X

A number of hedge funds have recently added to or reduced their stakes in DGXX. Vennlight Capital Management LP acquired a new position in Digi Power X in the fourth quarter worth approximately $4,471,000. Vident Advisory LLC acquired a new position in Digi Power X during the third quarter valued at approximately $2,663,000. Alyeska Investment Group L.P. acquired a new position in Digi Power X during the third quarter valued at approximately $1,585,000. Geode Capital Management LLC grew its holdings in Digi Power X by 1,771.7% during the fourth quarter. Geode Capital Management LLC now owns 592,399 shares of the company’s stock valued at $1,511,000 after purchasing an additional 560,749 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Digi Power X by 157.8% during the fourth quarter. Renaissance Technologies LLC now owns 883,501 shares of the company’s stock valued at $2,253,000 after purchasing an additional 540,801 shares during the last quarter. Institutional investors and hedge funds own 1.93% of the company’s stock.

About Digi Power X

Digihost Technology Inc operates as a blockchain technology company that focuses on digital currency mining in the United States. It mines for cryptocurrency. The company was incorporated in 2017 and is headquartered in Toronto, Canada.