Insider Selling: BTCS (NASDAQ:BTCS) CEO Sells 50,000 Shares of Stock

Key Points

• BTCS Inc. CEO Charles W. Allen sold 50,000 shares at an average price of $4.13, decreasing his ownership in the company to 4,629,506 shares.
• The company reported a loss of $0.10 EPS for the last quarter, missing the consensus estimate by $0.03, although revenue exceeded expectations at $2.77 million.
• Analysts have raised BTCS's rating from "sell" to "hold," with HC Wainwright increasing their price target from $5.00 to $7.00 and giving it a "buy" rating.

BTCS Inc. (NASDAQ:BTCS - Get Free Report) CEO Charles W. Allen sold 50,000 shares of the company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $4.13, for a total transaction of $206,500.00. Following the completion of the transaction, the chief executive officer owned 4,629,506 shares of the company's stock, valued at $19,119,859.78. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

BTCS Price Performance

NASDAQ:BTCS traded up $0.51 during midday trading on Friday, hitting $4.82. The company had a trading volume of 5,582,635 shares, compared to its average volume of 5,311,519. BTCS Inc. has a 52-week low of $0.95 and a 52-week high of $8.49. The stock's fifty day moving average price is $4.07 and its 200-day moving average price is $2.79. The company has a market capitalization of $231.60 million, a PE ratio of -4.23 and a beta of 1.17. The company has a quick ratio of 8.19, a current ratio of 8.19 and a debt-to-equity ratio of 0.17.

BTCS (NASDAQ:BTCS - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.03). The business had revenue of $2.77 million during the quarter, compared to the consensus estimate of $1.70 million. BTCS had a negative return on equity of 51.90% and a negative net margin of 268.37%. As a group, research analysts expect that BTCS Inc. will post -0.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Wall Street Zen raised shares of BTCS from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. HC Wainwright boosted their price target on shares of BTCS from $5.00 to $7.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, BTCS presently has a consensus rating of "Buy" and an average target price of $7.00.

Institutional Trading of BTCS

Several hedge funds have recently added to or reduced their stakes in BTCS. SBI Securities Co. Ltd. raised its stake in shares of BTCS by 39.7% during the first quarter. SBI Securities Co. Ltd. now owns 24,846 shares of the company's stock valued at $37,000 after acquiring an additional 7,064 shares during the last quarter. Tidal Investments LLC bought a new position in shares of BTCS during the second quarter valued at about $54,000. DLK Investment Management LLC raised its stake in shares of BTCS by 13.3% during the second quarter. DLK Investment Management LLC now owns 32,392 shares of the company's stock valued at $71,000 after acquiring an additional 3,792 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of BTCS by 10.6% during the fourth quarter. Geode Capital Management LLC now owns 98,019 shares of the company's stock valued at $242,000 after acquiring an additional 9,404 shares during the last quarter. Finally, Invesco Ltd. bought a new position in shares of BTCS during the second quarter valued at about $293,000. 3.48% of the stock is owned by institutional investors.

About BTCS

BTCS Inc operates in blockchain technology sector the United States. Its blockchain-infrastructure secures and operates validator nodes on disruptive blockchain networks, as well as validates transactions for crypto holding delegations on dPoS blockchains. The company offers StakeSeeker, a cryptocurrency dashboard and staking-as-a-service platform that allows crypto asset holders to earn rewards by participating in network consensus mechanisms; and Builder+, a Ethereum block builder offered to maximize validator earnings by utilizing algorithms to construct optimized blocks for on-chain validation.