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 large growth in short interest during the month of 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. Approximately10.4% of the shares of the company are short sold. Based on an average trading volume of 8,090,000 shares, the days-to-cover ratio is presently 0.4 days. Based on an average trading volume of 8,090,000 shares, the days-to-cover ratio is presently 0.4 days. Approximately10.4% of the shares of the company are short sold.

BTCS Trading Down 8.4%

Shares of BTCS stock traded down $0.4040 during mid-day trading on Monday, reaching $4.4160. 2,154,770 shares of the stock traded hands, compared to its average volume of 3,784,665. The stock's fifty day simple moving average is $4.07 and its two-hundred day simple moving average is $2.79. BTCS has a 1-year low of $0.95 and a 1-year high of $8.49. The company has a market cap of $212.19 million, a price-to-earnings ratio of -3.89 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 announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.03). BTCS had a negative net margin of 268.37% and a negative return on equity of 51.90%. The firm had revenue of $2.77 million for the quarter, compared to analyst estimates of $1.70 million. On average, research analysts anticipate that BTCS will post -0.08 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Transactions at BTCS

In other news, COO Michal Handerhan sold 112,779 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $6.00, for a total transaction of $676,674.00. Following the completion of the sale, the chief operating officer owned 1,641,581 shares in the company, valued at approximately $9,849,486. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles W. Allen sold 50,000 shares of the company's 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 transaction, the chief executive officer directly owned 4,579,506 shares in the company, valued at approximately $21,844,243.62. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 300,000 shares of company stock valued at $1,648,489. 42.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BTCS

A number of hedge funds and other institutional investors have recently made changes to their positions in BTCS. SBI Securities Co. Ltd. lifted its stake in shares of BTCS by 39.7% in the first quarter. SBI Securities Co. Ltd. now owns 24,846 shares of the company's stock worth $37,000 after acquiring an additional 7,064 shares during the period. Tidal Investments LLC acquired a new position in shares of BTCS in the second quarter worth approximately $54,000. DLK Investment Management LLC lifted its stake in BTCS by 13.3% in the second quarter. DLK Investment Management LLC now owns 32,392 shares of the company's stock valued at $71,000 after buying an additional 3,792 shares during the period. Geode Capital Management LLC lifted its stake in BTCS by 10.6% in the fourth quarter. Geode Capital Management LLC now owns 98,019 shares of the company's stock valued at $242,000 after buying an additional 9,404 shares during the period. Finally, Invesco Ltd. acquired a new position in shares of BTCS during the 2nd quarter valued at $293,000. 3.48% of the stock is owned by institutional investors and hedge funds.

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.