Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Sees Large Growth in Short Interest

Stronghold Digital Mining, Inc. (NASDAQ:SDIG - Get Free Report) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 350,100 shares, a growth of 116.0% from the March 15th total of 162,100 shares. Based on an average trading volume of 807,100 shares, the short-interest ratio is currently 0.4 days. Currently, 3.3% of the shares of the stock are sold short.

Insider Buying and Selling

In other news, CEO Gregory A. Beard sold 35,896 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $3.96, for a total value of $142,148.16. Following the transaction, the chief executive officer now owns 387,814 shares of the company's stock, valued at approximately $1,535,743.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Gregory A. Beard sold 35,896 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $3.96, for a total value of $142,148.16. Following the transaction, the chief executive officer now owns 387,814 shares of the company's stock, valued at approximately $1,535,743.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Matthew J. Smith sold 8,510 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $3.96, for a total transaction of $33,699.60. Following the completion of the transaction, the chief financial officer now directly owns 174,612 shares in the company, valued at approximately $691,463.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,014 shares of company stock valued at $282,636. Company insiders own 47.55% of the company's stock.

Institutional Investors Weigh In On Stronghold Digital Mining

Several institutional investors have recently added to or reduced their stakes in SDIG. B. Riley Wealth Advisors Inc. boosted its position in Stronghold Digital Mining by 13.9% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 41,000 shares of the company's stock valued at $25,000 after buying an additional 5,000 shares during the period. Tower Research Capital LLC TRC boosted its position in Stronghold Digital Mining by 72.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 32,598 shares of the company's stock valued at $34,000 after buying an additional 13,647 shares during the period. Barclays PLC purchased a new stake in Stronghold Digital Mining during the 2nd quarter valued at $36,000. Arete Wealth Advisors LLC purchased a new stake in Stronghold Digital Mining during the 3rd quarter valued at $44,000. Finally, Penserra Capital Management LLC purchased a new stake in Stronghold Digital Mining during the 1st quarter valued at $48,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Stronghold Digital Mining Trading Down 3.4 %

Shares of SDIG stock traded down $0.12 on Thursday, hitting $3.39. 252,075 shares of the company's stock traded hands, compared to its average volume of 867,294. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.38 and a current ratio of 0.50. Stronghold Digital Mining has a one year low of $3.26 and a one year high of $12.50. The company's fifty day simple moving average is $4.47 and its 200 day simple moving average is $4.92. The stock has a market capitalization of $51.02 million, a price-to-earnings ratio of -0.29 and a beta of 2.67.

Stronghold Digital Mining (NASDAQ:SDIG - Get Free Report) last released its earnings results on Wednesday, March 6th. The company reported ($1.12) EPS for the quarter, beating the consensus estimate of ($1.22) by $0.10. Stronghold Digital Mining had a negative net margin of 40.57% and a positive return on equity of 10.70%. The company had revenue of $21.74 million for the quarter, compared to analyst estimates of $22.45 million. Equities analysts forecast that Stronghold Digital Mining will post -0.94 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SDIG shares. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of Stronghold Digital Mining in a report on Thursday, March 7th. Compass Point reduced their target price on shares of Stronghold Digital Mining from $22.00 to $8.50 and set a "buy" rating on the stock in a report on Wednesday.

About Stronghold Digital Mining

Stronghold Digital Mining, Inc, a crypto asset mining company, focuses on Bitcoin mining in the United States. It operates in two segments, Energy Operations and Cryptocurrency Operations. It also owns and operates coal refuse power generation facilities; and provides environmental remediation and reclamation services.