Insider Selling: BTCS Inc. (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 firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $4.77, for a total value of $238,500.00. Following the sale, the chief executive officer directly owned 4,579,506 shares of the company's stock, valued at $21,844,243.62. The trade was a 1.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

BTCS Price Performance

NASDAQ BTCS traded up $0.46 during trading on Monday, hitting $4.87. The stock had a trading volume of 5,188,851 shares, compared to its average volume of 7,210,618. The company has a debt-to-equity ratio of 0.17, a quick ratio of 8.19 and a current ratio of 8.19. The firm has a 50 day moving average price of $3.91 and a 200 day moving average price of $2.75. BTCS Inc. has a twelve month low of $0.95 and a twelve month high of $8.49.

BTCS (NASDAQ:BTCS - Get Free Report) last released 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). The firm had revenue of $2.77 million during the quarter, compared to analyst estimates of $1.70 million. BTCS had a negative net margin of 268.37% and a negative return on equity of 51.90%. As a group, research analysts predict that BTCS Inc. will post -0.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BTCS shares. Wall Street Zen raised BTCS from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th. HC Wainwright raised their price objective on BTCS from $5.00 to $7.00 and gave the stock a "buy" rating in a research report on Friday.

Hedge Funds Weigh In On BTCS

Institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. grew its position in BTCS by 39.7% in the 1st 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 in the last quarter. Tidal Investments LLC acquired a new position in BTCS in the 2nd quarter valued at about $54,000. DLK Investment Management LLC grew its position in BTCS by 13.3% in the 2nd 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 in the last quarter. Geode Capital Management LLC grew its position in BTCS by 10.6% in the 4th quarter. Geode Capital Management LLC now owns 98,019 shares of the company's stock valued at $242,000 after acquiring an additional 9,404 shares in the last quarter. Finally, Invesco Ltd. purchased a new position in shares of BTCS in the 2nd quarter valued at about $293,000. 3.48% of the stock is owned by institutional investors and hedge funds.

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.

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