Short Interest in BTCS Inc. (NASDAQ:BTCS) Expands By 95.6%

Key Points

• Short interest in BTCS Inc. surged by 95.6% in July, reaching a total of 2,210,000 shares, indicating heightened bearish sentiment with approximately 16.1% of shares sold short.
• Wall Street Zen upgraded BTCS's rating from "sell" to "hold" as of June 14th, reflecting a more favorable outlook from analysts.
• The company's COO, Michal Handerhan, sold 112,779 shares at an average price of $6.00, reducing their ownership by 6.43%, indicating insider trading activity.

BTCS Inc. (NASDAQ:BTCS - Get Free Report) was the target of a significant growth in short interest in July. As of July 15th, there was short interest totaling 2,210,000 shares, agrowthof95.6% from the June 30th total of 1,130,000 shares. Approximately16.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 7,100,000 shares, the days-to-cover ratio is presently 0.3 days. Based on an average daily trading volume, of 7,100,000 shares, the days-to-cover ratio is presently 0.3 days. Approximately16.1% of the shares of the stock are sold short.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded BTCS from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th.

BTCS Trading Up 0.7%

BTCS stock opened at $4.09 on Tuesday. The company has a market capitalization of $95.38 million, a PE ratio of -2.39 and a beta of 1.17. BTCS has a 12 month low of $0.95 and a 12 month high of $8.49. The stock has a 50-day moving average price of $3.54 and a two-hundred day moving average price of $2.66.

BTCS (NASDAQ:BTCS - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported ($0.14) EPS for the quarter. BTCS had a negative net margin of 579.87% and a negative return on equity of 41.76%. As a group, analysts predict that BTCS will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Michal Handerhan sold 112,779 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $6.00, for a total value of $676,674.00. Following the sale, the chief operating officer directly owned 1,641,581 shares of the company's stock, valued at $9,849,486. This trade represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 42.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On BTCS

Large investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. raised its position in BTCS by 39.7% in the first 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 raised 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 acquiring an additional 3,792 shares during the last quarter. Geode Capital Management LLC raised its position in shares of BTCS by 10.6% during the fourth quarter. Geode Capital Management LLC now owns 98,019 shares of the company's stock worth $242,000 after acquiring an additional 9,404 shares during the last quarter. Invesco Ltd. bought a new position in shares of BTCS during the fourth quarter worth about $294,000. Finally, Renaissance Technologies LLC raised its position in shares of BTCS by 242.3% during the fourth quarter. Renaissance Technologies LLC now owns 127,391 shares of the company's stock worth $315,000 after acquiring an additional 90,171 shares during the last quarter. 3.48% of the stock is currently owned by institutional investors.

BTCS Company Profile

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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