BTCS (NASDAQ:BTCS) Shares Down 1.9% - Time to Sell?

Key Points

• BTCS shares fell 1.9% to $1.03 in mid-day trading, with volume below the average session level. The stock is trading below its 50-day and 200-day moving averages.
• Analysts maintain a consensus “Hold” rating—one Buy and two Hold ratings—with a consensus price target of $5.00.
• CEO Charles W. Allen sold 168,000 shares for about $205,000 under a pre-arranged Rule 10b5-1 plan; insiders have sold 685,000 shares worth approximately $812,000 over the past 90 days.

BTCS Inc. (NASDAQ:BTCS - Get Free Report)'s stock price traded down 1.9% during mid-day trading on Friday . The stock traded as low as $0.9807 and last traded at $1.03. Approximately 417,683 shares were traded during mid-day trading, a decline of 31% from the average session volume of 606,140 shares. The stock had previously closed at $1.05.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "hold (c)" rating on shares of BTCS in a research note on Wednesday, June 24th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.00.

BTCS Stock Down 1.9%

The stock has a market capitalization of $51.27 million, a price-to-earnings ratio of -0.42 and a beta of 3.38. The firm has a 50 day simple moving average of $1.17 and a 200-day simple moving average of $1.65. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.90 and a quick ratio of 2.90.

Insider Activity

In related news, CEO Charles W. Allen sold 168,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $1.22, for a total transaction of $204,960.00. Following the completion of the sale, the chief executive officer owned 6,844,033 shares in the company, valued at $8,349,720.26. This trade represents a 2.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 685,000 shares of company stock worth $812,110. Company insiders own 16.90% of the company's stock.

Hedge Funds Weigh In On BTCS

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boothbay Fund Management LLC acquired a new stake in shares of BTCS during the fourth quarter worth approximately $42,000. Intesa Sanpaolo S.p.A. bought a new position in shares of BTCS in the fourth quarter valued at approximately $43,000. Squarepoint Ops LLC acquired a new position in shares of BTCS in the 4th quarter worth approximately $51,000. Bank of America Corp DE boosted its holdings in shares of BTCS by 1,856.8% in the 3rd quarter. Bank of America Corp DE now owns 10,880 shares of the company's stock worth $53,000 after acquiring an additional 10,324 shares in the last quarter. Finally, Tidal Investments LLC bought a new stake in BTCS during the 2nd quarter worth approximately $54,000. 3.48% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.