BTCS (NASDAQ:BTCS) Price Target Cut to $5.00 by Analysts at HC Wainwright

BTCS (NASDAQ:BTCS) had its price target cut by HC Wainwright from $7.00 to $5.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

BTCS has been the subject of several other research reports. Wall Street Zen lowered shares of BTCS from a “hold” rating to a “strong sell” rating in a research report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a research note on Friday. One 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 presently has a consensus rating of “Hold” and an average target price of $5.00.

BTCS Trading Up 7.8%

Shares of BTCS stock opened at $1.39 on Tuesday. The business has a fifty day simple moving average of $1.82 and a 200-day simple moving average of $2.99. BTCS has a fifty-two week low of $1.25 and a fifty-two week high of $8.49. The firm has a market cap of $69.15 million, a price-to-earnings ratio of -0.73 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 (NASDAQ:BTCS) last released its earnings results on Friday, March 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.06). BTCS had a negative return on equity of 14.97% and a negative net margin of 202.29%.The firm had revenue of $7.09 million for the quarter, compared to analyst estimates of $4.50 million. On average, equities analysts forecast that BTCS will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On BTCS

A number of hedge funds and other institutional investors have recently modified their holdings of BTCS. Geode Capital Management LLC increased its stake in BTCS by 2.8% in the 2nd quarter. Geode Capital Management LLC now owns 117,717 shares of the company’s stock worth $259,000 after purchasing an additional 3,172 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of BTCS by 10.5% in the fourth quarter. Invesco Ltd. now owns 73,811 shares of the company’s stock worth $195,000 after buying an additional 6,997 shares during the period. ACT Wealth Management LLC increased its position in shares of BTCS by 66.7% in the fourth quarter. ACT Wealth Management LLC now owns 20,000 shares of the company’s stock worth $53,000 after acquiring an additional 8,000 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of BTCS by 7.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 116,591 shares of the company’s stock valued at $308,000 after acquiring an additional 8,422 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of BTCS by 1,856.8% in the 3rd quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock valued at $53,000 after acquiring an additional 10,324 shares in the last quarter. Institutional investors and hedge funds own 3.48% of the company’s stock.

BTCS Company Profile

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.