BTCS (NASDAQ:BTCS) CEO Charles Allen Sells 150,000 Shares of Stock

BTCS Inc. (NASDAQ:BTCS) CEO Charles Allen sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $1.19, for a total transaction of $178,500.00. Following the completion of the transaction, the chief executive officer owned 7,264,033 shares in the company, valued at approximately $8,644,199.27. This represents a 2.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

BTCS Stock Up 1.3%

BTCS stock opened at $1.18 on Friday. The firm has a market cap of $58.49 million, a PE 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’s 50 day moving average price is $1.71 and its two-hundred day moving average price is $2.14. BTCS Inc. has a twelve month low of $1.07 and a twelve month high of $8.49.

BTCS (NASDAQ:BTCS) last released its quarterly earnings data on Thursday, March 26th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.06). The company had revenue of $7.09 million during the quarter, compared to analyst estimates of $4.50 million. BTCS had a negative net margin of 503.06% and a negative return on equity of 14.31%. On average, research analysts predict that BTCS Inc. will post 0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BTCS. Geode Capital Management LLC increased its stake in shares of BTCS by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock worth $259,000 after purchasing an additional 3,172 shares during the last quarter. Invesco Ltd. acquired a new position in shares of BTCS during the 2nd quarter worth $293,000. Tidal Investments LLC acquired a new position in shares of BTCS during the 2nd quarter worth $54,000. Vanguard Group Inc. increased its stake in shares of BTCS by 354.0% during the 3rd 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. Finally, Quantbot Technologies LP acquired a new position in shares of BTCS during the 3rd quarter worth $125,000. Institutional investors and hedge funds own 3.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on BTCS. Wall Street Zen lowered shares of BTCS from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of BTCS in a research note on Friday, March 27th. Finally, HC Wainwright dropped their price target on shares of BTCS from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, March 31st. 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.com, the company has a consensus rating of “Hold” and a consensus target price of $5.00.

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.