Short Interest in Digital Brands Group, Inc. (NASDAQ:DBGI) Declines By 98.1%

Digital Brands Group, Inc. (NASDAQ:DBGI) was the target of a large drop in short interest in July. As of July 31st, there was short interest totaling 48,595 shares, a drop of 98.1% from the July 15th total of 2,536,469 shares. Based on an average daily trading volume, of 63,028 shares, the short-interest ratio is currently 0.8 days. Currently, 9.1% of the shares of the stock are short sold.

Digital Brands Group Price Performance

Shares of NASDAQ DBGI opened at $16.64 on Thursday. Digital Brands Group has a 1 year low of $8.37 and a 1 year high of $720.00. The firm has a 50-day simple moving average of $26.15 and a two-hundred day simple moving average of $85.49. The company has a market cap of $8.99 million and a P/E ratio of -0.15.

Insider Buying and Selling at Digital Brands Group

In other Digital Brands Group news, CEO John Hilburn Iv Davis bought 15,458 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were purchased at an average cost of $45.20 per share, for a total transaction of $698,701.60. Following the transaction, the chief executive officer owned 17,211 shares of the company’s stock, valued at $777,937.20. This represents a 881.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.01% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Digital Brands Group

A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP purchased a new stake in Digital Brands Group in the first quarter worth $29,000. Connective Capital Management LLC bought a new stake in Digital Brands Group during the 4th quarter valued at about $876,000. Geode Capital Management LLC bought a new position in Digital Brands Group in the 4th quarter worth about $890,000. Finally, Fifth Third Bancorp purchased a new position in shares of Digital Brands Group during the first quarter worth approximately $432,000. Hedge funds and other institutional investors own 1.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on DBGI shares. Weiss Ratings restated a “sell (e+)” rating on shares of Digital Brands Group in a research report on Friday, July 17th. Wall Street Zen downgraded shares of Digital Brands Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Digital Brands Group currently has an average rating of “Sell”.

About Digital Brands Group

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.