BTCS (NASDAQ:BTCS) Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of BTCS (NASDAQ:BTCS) from a hold rating to a strong sell rating in a research note published on Saturday morning.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of BTCS in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, BTCS currently has a consensus rating of “Hold” and an average price target of $7.00.

BTCS Stock Performance

Shares of NASDAQ BTCS opened at $1.29 on Friday. The stock’s fifty day simple moving average is $1.85 and its 200 day simple moving average is $3.02. The stock has a market capitalization of $64.18 million, a price-to-earnings ratio of -0.68 and a beta of 3.24. The company has a quick ratio of 3.38, a current ratio of 3.38 and a debt-to-equity ratio of 0.09. BTCS has a 52-week low of $1.25 and a 52-week high of $8.49.

BTCS (NASDAQ:BTCS) last announced its earnings results on Friday, March 27th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.06). BTCS had a negative net margin of 202.29% and a negative return on equity of 14.97%. The company had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $4.50 million. As a group, sell-side analysts forecast that BTCS will post -0.08 earnings per share for the current fiscal year.

Institutional Trading of BTCS

Hedge funds have recently modified their holdings of the business. State Street Corp boosted its position in shares of BTCS by 1,286.2% in the fourth quarter. State Street Corp now owns 2,529,760 shares of the company’s stock worth $6,679,000 after buying an additional 2,347,260 shares during the period. Vanguard Group Inc. raised its position in BTCS by 354.0% during the third quarter. Vanguard Group Inc. now owns 2,008,400 shares of the company’s stock valued at $9,701,000 after buying an additional 1,565,996 shares during the period. Renaissance Technologies LLC purchased a new stake in BTCS in the 4th quarter worth about $954,000. Geode Capital Management LLC lifted its stake in BTCS by 16.5% in the 4th quarter. Geode Capital Management LLC now owns 1,156,661 shares of the company’s stock worth $3,054,000 after acquiring an additional 164,113 shares in the last quarter. Finally, 683 Capital Management LLC acquired a new stake in BTCS during the 4th quarter worth about $428,000. Hedge funds and other institutional investors own 3.48% of the company’s stock.

About BTCS

BTCS, Inc (NASDAQ: BTCS) is a digital asset technology company focused on blockchain infrastructure and related investments. Originally founded in 2012 as Bitcoin Shop, Inc, the company pivoted in 2018 to concentrate on blockchain technology applications, digital asset management and strategic investments in early-stage ventures. BTCS holds a diversified portfolio that includes cryptocurrency mining equipment, digital wallets, and equity stakes in promising blockchain startups.

In its mining operations, BTCS acquires and manages mining hardware to secure blockchain networks and generate newly minted digital tokens.