BTCS (NASDAQ:BTCS) Issues Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• BTCS reported quarterly earnings of ($0.10) EPS, missing the consensus estimate by $0.03 EPS, despite achieving revenue of $2.77 million, exceeding analyst expectations.
• The stock is currently trading at $4.40 following a trading volume of over 4 million shares, with a market capitalization of $210.30 million.
• In a recent analyst report, HC Wainwright upgraded BTCS's price target from $5.00 to $7.00 and assigned a "buy" rating, while Wall Street Zen changed its rating from "sell" to "hold".

BTCS (NASDAQ:BTCS - Get Free Report) announced its 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), Zacks reports. The firm had revenue of $2.77 million during the quarter, compared to analysts' expectations of $1.70 million. BTCS had a negative net margin of 268.37% and a negative return on equity of 51.90%.

BTCS Stock Up 5.4%

NASDAQ:BTCS traded up $0.23 during mid-day trading on Wednesday, reaching $4.46. The stock had a trading volume of 3,375,666 shares, compared to its average volume of 5,860,277. The company has a debt-to-equity ratio of 0.17, a current ratio of 8.19 and a quick ratio of 8.19. The company has a market capitalization of $214.30 million, a price-to-earnings ratio of -3.91 and a beta of 1.17. BTCS has a 1-year low of $0.95 and a 1-year high of $8.49. The stock's 50 day simple moving average is $3.98 and its two-hundred day simple moving average is $2.77.

Analysts Set New Price Targets

A number of brokerages have commented on BTCS. Wall Street Zen upgraded shares of BTCS from a "sell" rating to a "hold" rating in a report on Saturday, June 14th. HC Wainwright lifted their target price on BTCS from $5.00 to $7.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, BTCS presently has a consensus rating of "Buy" and a consensus target price of $7.00.

Insider Activity at BTCS

In other BTCS news, CEO Charles W. Allen sold 50,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $4.77, for a total transaction of $238,500.00. Following the transaction, the chief executive officer owned 4,579,506 shares of the company's stock, valued at $21,844,243.62. This trade represents a 1.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Michal Handerhan sold 112,779 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were 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 owned 1,641,581 shares of the company's stock, valued at $9,849,486. This trade represents a 6.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 300,000 shares of company stock worth $1,648,489 in the last 90 days. 42.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Invesco Ltd. bought a new stake in shares of BTCS during the 2nd quarter valued at about $293,000. Tidal Investments LLC acquired a new position in BTCS in the second quarter valued at approximately $54,000. Finally, Geode Capital Management LLC grew its holdings in shares of 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 purchasing an additional 3,172 shares during the last quarter. 3.48% of the stock is currently 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.