BTCS (NASDAQ:BTCS) CEO Charles Allen Sells 105,000 Shares

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 105,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $1.27, for a total transaction of $133,350.00. Following the sale, the chief executive officer directly owned 7,414,033 shares of the company’s stock, valued at $9,415,821.91. The trade was a 1.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Performance

Shares of NASDAQ BTCS traded up $0.02 during midday trading on Thursday, hitting $1.18. 1,203,831 shares of the company’s stock traded hands, compared to its average volume of 830,795. BTCS Inc. has a 1 year low of $1.07 and a 1 year high of $8.49. The stock has a market capitalization of $58.49 million, a price-to-earnings ratio of -0.48 and a beta of 3.33. 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 firm has a fifty day moving average of $1.71 and a 200 day moving average of $2.15.

BTCS (NASDAQ:BTCS) last released its quarterly 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 503.06% and a negative return on equity of 14.31%. The business had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $4.50 million. On average, analysts forecast that BTCS Inc. will post 0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. HC Wainwright reduced their price target on shares of BTCS from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Wall Street Zen lowered shares of BTCS from a “hold” rating to a “strong sell” rating in a report on Saturday, March 28th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, BTCS presently has a consensus rating of “Hold” and a consensus target price of $5.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BTCS. State Street Corp lifted its position in BTCS by 1,286.2% in the fourth quarter. State Street Corp now owns 2,529,760 shares of the company’s stock worth $6,679,000 after buying an additional 2,347,260 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of BTCS by 354.0% during the third quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company’s stock worth $9,701,000 after purchasing an additional 1,565,996 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of BTCS by 192.4% during the first quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company’s stock worth $1,469,000 after purchasing an additional 695,555 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of BTCS by 16.5% in the fourth quarter. Geode Capital Management LLC now owns 1,156,661 shares of the company’s stock valued at $3,054,000 after acquiring an additional 164,113 shares in the last quarter. Finally, 683 Capital Management LLC bought a new stake in shares of BTCS in the fourth quarter valued at about $428,000. 3.48% of the stock is currently owned by 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.