BTCS (NASDAQ:BTCS) Cut to "Strong Sell" at Zacks Research

Key Points

• BTCS has been downgraded from a "hold" rating to a "strong sell" rating by Zacks Research, indicating a negative outlook for the company's stock performance.
• Despite the downgrade, HC Wainwright recently increased BTCS's price target to $7.00 while maintaining a "buy" rating, creating mixed signals in analyst assessments.
• CEO Charles W. Allen sold 50,000 shares at $4.77, which marks a decrease in his ownership percentage, raising concerns among investors about insider confidence.

BTCS (NASDAQ:BTCS - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Monday,Zacks.com reports.

BTCS has been the subject of several other reports. Weiss Ratings reissued a "sell (d)" rating on shares of BTCS in a research report on Wednesday, October 8th. HC Wainwright boosted their price objective on shares of BTCS from $5.00 to $7.00 and gave the company a "buy" rating in a research report on Friday, August 15th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, BTCS presently has an average rating of "Reduce" and a consensus price target of $7.00.

BTCS Stock Performance

Shares of NASDAQ:BTCS opened at $4.44 on Monday. The company has a market capitalization of $213.34 million, a price-to-earnings ratio of -3.89 and a beta of 1.28. BTCS has a 12 month low of $1.17 and a 12 month high of $8.49. The firm's 50-day moving average is $4.66 and its 200 day moving average is $3.44. The company has a current ratio of 8.19, a quick ratio of 8.19 and a debt-to-equity ratio of 0.17.

BTCS (NASDAQ:BTCS - Get Free Report) last issued its quarterly 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). The firm had revenue of $2.77 million for the quarter, compared to the consensus estimate of $1.70 million. BTCS had a negative net margin of 268.37% and a negative return on equity of 51.90%. Research analysts predict that BTCS will post -0.08 EPS for the current year.

Insider Buying and Selling at BTCS

In other news, CEO Charles W. Allen sold 50,000 shares of the company's stock in a transaction that occurred 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 owned 4,579,506 shares of the company's stock, valued at approximately $21,844,243.62. This represents a 1.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 42.80% of the company's stock.

Institutional Investors Weigh In On BTCS

Several hedge funds have recently modified their holdings of the business. SBI Securities Co. Ltd. lifted its position in 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. DLK Investment Management LLC lifted its position in 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. Invesco Ltd. purchased a new stake in BTCS during the second quarter valued at approximately $293,000. Geode Capital Management LLC lifted its position in BTCS by 2.8% during the second quarter. Geode Capital Management LLC now owns 117,717 shares of the company's stock valued at $259,000 after acquiring an additional 3,172 shares during the last quarter. Finally, Tidal Investments LLC purchased a new stake in BTCS during the second quarter valued at approximately $54,000. Hedge funds and other institutional investors own 3.48% of the company's stock.

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.

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