BTCS Inc. (NASDAQ:BTCS) Short Interest Update

Key Points

• Short interest in BTCS Inc. saw a significant decline of 22.1% in August, dropping from 5,560,000 shares to 4,330,000 shares.
• Company insiders sold a total of 300,000 shares worth approximately $1.65 million over the last quarter, leading to a decrease in their ownership.
• BTCS announced a $0.05 dividend to be paid on October 17th, with the ex-dividend date set for September 26th.

BTCS Inc. (NASDAQ:BTCS - Get Free Report) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 4,330,000 shares, a decrease of 22.1% from the August 15th total of 5,560,000 shares. Approximately 14.5% of the company's stock are sold short. Based on an average daily trading volume, of 8,520,000 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily trading volume, of 8,520,000 shares, the days-to-cover ratio is presently 0.5 days. Approximately 14.5% of the company's stock are sold short.

BTCS Trading Down 2.6%

NASDAQ BTCS traded down $0.13 during trading on Friday, hitting $4.78. The stock had a trading volume of 4,853,985 shares, compared to its average volume of 2,524,384. 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 stock has a market capitalization of $229.68 million, a price-to-earnings ratio of -4.19 and a beta of 1.38. The stock has a 50 day simple moving average of $4.71 and a 200 day simple moving average of $3.06. BTCS has a one year low of $1.10 and a one year high of $8.49.

BTCS (NASDAQ:BTCS - Get Free Report) last announced its quarterly 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 business had revenue of $2.77 million during the quarter, compared to analysts' expectations of $1.70 million. BTCS had a negative return on equity of 51.90% and a negative net margin of 268.37%. Sell-side analysts predict that BTCS will post -0.08 earnings per share for the current year.

BTCS Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Friday, September 26th.

Insider Buying and Selling at BTCS

In related news, CEO Charles W. Allen sold 50,000 shares of BTCS stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $4.77, for a total transaction of $238,500.00. Following the completion of the sale, the chief executive officer directly owned 4,579,506 shares of the company's stock, valued at approximately $21,844,243.62. This trade represents a 1.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Michal Handerhan sold 112,779 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $6.00, for a total transaction of $676,674.00. Following the transaction, the chief operating officer directly owned 1,641,581 shares in the company, valued at $9,849,486. This represents a 6.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 300,000 shares of company stock valued at $1,648,489 over the last three months. 42.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On BTCS

Institutional investors have recently modified their holdings of the stock. Tidal Investments LLC acquired a new position in BTCS in the 2nd quarter valued at $54,000. SBI Securities Co. Ltd. increased its holdings 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 purchasing an additional 7,064 shares during the last quarter. DLK Investment Management LLC boosted its position in shares of 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 buying an additional 3,792 shares during the period. Geode Capital Management LLC lifted its stake in BTCS by 2.8% during the 2nd 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. Finally, Invesco Ltd. acquired a new stake in BTCS during the 2nd quarter worth approximately $293,000. Hedge funds and other institutional investors own 3.48% of the company's stock.

Analysts Set New Price Targets

BTCS has been the topic of a number of recent analyst reports. Wall Street Zen raised BTCS from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th. HC Wainwright upped their target price on shares of BTCS from $5.00 to $7.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price 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.