BTCS (NASDAQ:BTCS) Releases Earnings Results

BTCS (NASDAQ:BTCS) released its earnings results on Wednesday. The company reported ($0.70) earnings per share for the quarter, FiscalAI reports. The company had revenue of $2.45 million during the quarter. BTCS had a negative net margin of 503.06% and a negative return on equity of 14.31%.

BTCS Trading Up 16.7%

Shares of NASDAQ BTCS traded up $0.18 during trading hours on Wednesday, hitting $1.26. The company’s stock had a trading volume of 2,705,717 shares, compared to its average volume of 848,145. BTCS has a 12 month low of $0.96 and a 12 month high of $6.15. The stock has a market cap of $62.72 million, a price-to-earnings ratio of -0.51 and a beta of 3.41. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.90 and a current ratio of 2.90. The business has a 50-day simple moving average of $1.08 and a 200-day simple moving average of $1.49.

Insider Buying and Selling

In other BTCS news, CEO Charles W. Allen sold 168,000 shares of the stock in a transaction that occurred 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 completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 685,000 shares of company stock worth $812,110. Corporate insiders own 16.90% of the company’s stock.

Hedge Funds Weigh In On BTCS

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its stake in BTCS by 2.8% in the second quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock worth $259,000 after acquiring an additional 3,172 shares during the period. Invesco Ltd. increased its position in BTCS by 10.5% during the 4th quarter. Invesco Ltd. now owns 73,811 shares of the company’s stock valued at $195,000 after purchasing an additional 6,997 shares during the period. Commonwealth Equity Services LLC raised its holdings in BTCS by 7.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 116,591 shares of the company’s stock worth $308,000 after purchasing an additional 8,422 shares in the last quarter. Bank of America Corp DE raised its holdings in BTCS by 1,856.8% in the 3rd quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock worth $53,000 after purchasing an additional 10,324 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in shares of BTCS in the 3rd quarter worth about $58,000. 3.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of BTCS in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.00.

BTCS Company Profile

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.