BTCS Inc. (NASDAQ:BTCS) Short Interest Update

Key Points

• BTCS Inc. experienced a significant 35.3% increase in short interest, reaching 2,990,000 shares by the end of July, indicating growing investor skepticism.
• Insider trading reports show that COO Michal Handerhan and CEO Charles W. Allen sold shares in July and August, reflecting a decrease in their positions in the company.
• Despite reporting revenue of $2.77 million for the quarter, BTCS missed earnings estimates with a reported loss of ($0.10) EPS, leading analysts to predict a consensus rating of "Buy" with a price target of $7.00.

BTCS Inc. (NASDAQ:BTCS - Get Free Report) was the target of a significant growth in short interest in July. As of July 31st, there was short interest totaling 2,990,000 shares, agrowthof35.3% from the July 15th total of 2,210,000 shares. Based on an average daily trading volume, of 8,090,000 shares, the days-to-cover ratio is currently 0.4 days. Currently,10.4% of the company's shares are sold short. Currently,10.4% of the company's shares are sold short. Based on an average daily trading volume, of 8,090,000 shares, the days-to-cover ratio is currently 0.4 days.

Insiders Place Their Bets

In other news, COO Michal Handerhan sold 112,779 shares of BTCS stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $6.00, for a total value of $676,674.00. Following the completion of the sale, the chief operating officer directly owned 1,641,581 shares of the company's stock, valued at approximately $9,849,486. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Charles W. Allen sold 50,000 shares of BTCS stock in a transaction on Monday, August 18th. The shares were sold at an average price of $4.77, for a total value of $238,500.00. Following the completion of the sale, the chief executive officer directly owned 4,579,506 shares of the company's stock, valued at $21,844,243.62. The trade was a 1.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 300,000 shares of company stock valued at $1,648,489 over the last ninety days. Insiders own 42.80% of the company's stock.

Institutional Trading of BTCS

A number of institutional investors have recently bought and sold shares of BTCS. Geode Capital Management LLC lifted its holdings in BTCS by 10.6% during the 4th quarter. Geode Capital Management LLC now owns 98,019 shares of the company's stock worth $242,000 after buying an additional 9,404 shares during the last quarter. Invesco Ltd. purchased a new stake in BTCS during the 4th quarter worth about $294,000. Renaissance Technologies LLC lifted its holdings in BTCS by 242.3% during the 4th quarter. Renaissance Technologies LLC now owns 127,391 shares of the company's stock worth $315,000 after buying an additional 90,171 shares during the last quarter. SBI Securities Co. Ltd. lifted its holdings in BTCS by 39.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 24,846 shares of the company's stock worth $37,000 after buying an additional 7,064 shares during the last quarter. Finally, DLK Investment Management LLC lifted its holdings in BTCS by 13.3% during the 2nd quarter. DLK Investment Management LLC now owns 32,392 shares of the company's stock worth $71,000 after buying an additional 3,792 shares during the last quarter. 3.48% of the stock is owned by hedge funds and other institutional investors.

BTCS Stock Up 11.8%

BTCS traded up $0.51 on Friday, hitting $4.82. 5,582,635 shares of the company were exchanged, compared to its average volume of 5,311,519. BTCS has a twelve month low of $0.95 and a twelve month high of $8.49. The company has a market cap of $231.62 million, a price-to-earnings ratio of -4.23 and a beta of 1.17. The company has a current ratio of 8.19, a quick ratio of 8.19 and a debt-to-equity ratio of 0.17. The firm has a 50-day moving average price of $4.07 and a two-hundred day moving average price of $2.79.

BTCS (NASDAQ:BTCS - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.03). BTCS had a negative return on equity of 51.90% and a negative net margin of 268.37%.The company had revenue of $2.77 million for the quarter, compared to analyst estimates of $1.70 million. On average, equities analysts predict that BTCS will post -0.08 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BTCS. Wall Street Zen raised BTCS from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. HC Wainwright lifted their price objective on BTCS from $5.00 to $7.00 and gave the company a "buy" rating in a research note on Friday, August 15th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $7.00.

BTCS Company Profile

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.