BTCS (NASDAQ:BTCS) Rating Lowered to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded BTCS from a "hold" to a "strong sell", while Weiss Ratings reiterated a "hold (c)" and the consensus rating remains "Hold" with an average target price of $7.00.
• BTCS reported a large quarterly EPS miss of ($2.48) versus $0.01 expected, with revenue of $7.09 million; the stock trades around $1.31 with a market cap of about $61 million and a 12-month range of $1.25–$8.49.
• Several large asset managers (notably State Street and Vanguard) substantially increased their BTCS positions in recent quarters, though institutional ownership remains low at about 3.48%.

BTCS (NASDAQ:BTCS - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "strong sell" rating in a report issued on Saturday.

Separately, Weiss Ratings reiterated a "hold (c)" rating on shares of BTCS in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $7.00.

BTCS Price Performance

Shares of BTCS stock opened at $1.31 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.78 and a current ratio of 4.78. The firm's 50-day simple moving average is $1.88 and its 200-day simple moving average is $3.06. BTCS has a twelve month low of $1.25 and a twelve month high of $8.49. The firm has a market cap of $61.36 million, a P/E ratio of 1.82 and a beta of 3.24.

BTCS (NASDAQ:BTCS - Get Free Report) last posted its quarterly earnings results on Thursday, April 2nd. The company reported ($2.48) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($2.49). The business had revenue of $7.09 million during the quarter, compared to analyst estimates of $4.50 million. BTCS had a negative return on equity of 25.01% and a net margin of 464.44%. As a group, research analysts expect that BTCS will post -0.08 EPS for the current fiscal year.

Institutional Investors Weigh In On BTCS

A number of hedge funds have recently made changes to their positions in BTCS. State Street Corp lifted its holdings in BTCS by 1,286.2% during the 4th quarter. State Street Corp now owns 2,529,760 shares of the company's stock valued at $6,679,000 after purchasing an additional 2,347,260 shares during the last quarter. Vanguard Group Inc. grew its stake in BTCS by 354.0% during the third quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company's stock worth $9,701,000 after buying an additional 1,565,996 shares during the last quarter. Geode Capital Management LLC grew its stake in BTCS by 16.5% during the fourth quarter. Geode Capital Management LLC now owns 1,156,661 shares of the company's stock worth $3,054,000 after buying an additional 164,113 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of BTCS during the fourth quarter worth approximately $954,000. Finally, Vident Advisory LLC increased its holdings in shares of BTCS by 37.4% during the fourth quarter. Vident Advisory LLC now owns 213,338 shares of the company's stock worth $563,000 after buying an additional 58,113 shares in the last quarter. Institutional investors and hedge funds own 3.48% of the company's stock.

BTCS Company Profile

BTCS, Inc NASDAQ: BTCS is a digital asset technology company focused on blockchain infrastructure and related investments. Originally founded in 2012 as Bitcoin Shop, Inc, the company pivoted in 2018 to concentrate on blockchain technology applications, digital asset management and strategic investments in early-stage ventures. BTCS holds a diversified portfolio that includes cryptocurrency mining equipment, digital wallets, and equity stakes in promising blockchain startups.

In its mining operations, BTCS acquires and manages mining hardware to secure blockchain networks and generate newly minted digital tokens.

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