Insider Selling: BTCS (NASDAQ:BTCS) CEO Sells 50,000 Shares of Stock

Key Points

• BTCS Inc. CEO Charles W. Allen sold 50,000 shares of stock at an average price of $4.77, totaling $238,500 and reducing his ownership by 1.08% to 4,579,506 shares.
• The company reported a quarterly loss of ($0.10) earnings per share, missing estimates, despite achieving revenue of $2.77 million.
• Wall Street analysts have recently upgraded BTCS from a "sell" to a "hold" rating, with HC Wainwright setting a new target price of $7.00.

BTCS Inc. (NASDAQ:BTCS - Get Free Report) CEO Charles W. Allen sold 50,000 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $4.77, for a total transaction of $238,500.00. Following the completion of the transaction, the chief executive officer owned 4,579,506 shares in the company, valued at $21,844,243.62. The trade was a 1.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

BTCS Trading Up 11.8%

Shares of BTCS stock traded up $0.51 during mid-day trading on Friday, reaching $4.82. The stock had a trading volume of 5,582,635 shares, compared to its average volume of 5,311,519. The stock's 50-day moving average price is $4.07 and its two-hundred day moving average price is $2.79. BTCS Inc. has a 52-week low of $0.95 and a 52-week high of $8.49. The firm has a market capitalization of $231.60 million, a PE ratio of -4.23 and a beta of 1.17. 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 released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.10) earnings per share (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 during the quarter, compared to analysts' expectations of $1.70 million. Equities analysts expect that BTCS Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BTCS

Large investors have recently modified their holdings of the stock. Tidal Investments LLC bought a new stake in BTCS during the second quarter worth about $54,000. Invesco Ltd. bought a new stake in BTCS during the second quarter worth about $293,000. Geode Capital Management LLC boosted its stake in BTCS by 2.8% during the second quarter. Geode Capital Management LLC now owns 117,717 shares of the company's stock worth $259,000 after acquiring an additional 3,172 shares in the last quarter. DLK Investment Management LLC boosted its stake in BTCS by 13.3% during the second quarter. DLK Investment Management LLC now owns 32,392 shares of the company's stock worth $71,000 after acquiring an additional 3,792 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in BTCS by 39.7% during 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 in the last quarter. Institutional investors own 3.48% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BTCS shares. HC Wainwright lifted their target price on shares of BTCS from $5.00 to $7.00 and gave the company a "buy" rating in a research note on Friday, August 15th. Wall Street Zen raised shares of BTCS from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $7.00.

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.