Digital Brands Group (NASDAQ:DBGI) Shares Down 3.3% – Here’s Why

Digital Brands Group, Inc. (NASDAQ:DBGI) was down 3.3% during mid-day trading on Monday . The stock traded as low as $2.87 and last traded at $2.93. Approximately 681,302 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 797,909 shares. The stock had previously closed at $3.03.

Analyst Upgrades and Downgrades

DBGI has been the subject of a number of research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Digital Brands Group in a research note on Wednesday, January 21st. Wall Street Zen lowered shares of Digital Brands Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Digital Brands Group currently has a consensus rating of “Sell”.

Digital Brands Group Price Performance

The company has a 50-day moving average of $7.46 and a 200 day moving average of $8.24. The company has a quick ratio of 0.63, a current ratio of 0.81 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $24.00 million, a PE ratio of -1.01 and a beta of 0.39.

Institutional Investors Weigh In On Digital Brands Group

Large investors have recently modified their holdings of the business. Geode Capital Management LLC acquired a new stake in shares of Digital Brands Group in the fourth quarter valued at about $890,000. Connective Capital Management LLC acquired a new position in Digital Brands Group during the fourth quarter worth about $876,000. Goldstone Financial Group LLC acquired a new position in Digital Brands Group during the third quarter worth about $348,000. Finally, Cantor Fitzgerald L. P. purchased a new stake in Digital Brands Group during the 3rd quarter valued at about $221,000. Hedge funds and other institutional investors own 1.56% of the company’s stock.

Digital Brands Group Company Profile

Digital Brands Group Inc (NASDAQ: DBGI) operates as a digital consumption platform focused on acquiring, operating and scaling digitally native consumer brands. The company seeks to partner with emerging and established brands across categories such as fashion, home & lifestyle, health & wellness, and consumer electronics. By leveraging a centralized operating model, Digital Brands Group aims to drive revenue growth, expand market reach and enhance customer engagement for its portfolio companies.

At the core of Digital Brands Group’s strategy is its expertise in e-commerce, digital marketing and data analytics.