BTCS (NASDAQ:BTCS) Shares Up 6.7% – Still a Buy?

BTCS Inc. (NASDAQ:BTCS) traded up 6.7% during mid-day trading on Tuesday . The company traded as high as $1.62 and last traded at $1.60. 759,518 shares changed hands during trading, a decline of 21% from the average session volume of 961,871 shares. The stock had previously closed at $1.50.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BTCS. Zacks Research upgraded shares of BTCS from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Weiss Ratings restated a “hold (c)” rating on shares of BTCS in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, BTCS presently has an average rating of “Hold” and a consensus target price of $7.00.

BTCS Stock Performance

The company has a fifty day moving average of $2.45 and a two-hundred day moving average of $3.47. The company has a market cap of $74.94 million, a price-to-earnings ratio of 2.22 and a beta of 3.13. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.78 and a current ratio of 4.78.

Institutional Trading of BTCS

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE raised its position in 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 buying an additional 10,324 shares during the last quarter. SG Americas Securities LLC purchased a new stake in BTCS during the third quarter valued at about $53,000. Nomura Holdings Inc. purchased a new stake in shares of BTCS during the 3rd quarter valued at approximately $58,000. ACT Wealth Management LLC purchased a new stake in shares of BTCS during the third quarter worth $58,000. Finally, Thompson Davis & CO. Inc. purchased a new stake in BTCS during the 3rd quarter worth about $59,000. 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.