BTCS (NASDAQ:BTCS) Releases Earnings Results, Misses Expectations By $0.06 EPS

BTCS (NASDAQ:BTCS) announced its quarterly earnings results on Friday. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.06), Zacks reports. The firm had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $4.50 million. BTCS had a negative return on equity of 25.01% and a net margin of 464.44%.

BTCS Stock Down 10.3%

BTCS stock opened at $1.31 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 4.78 and a quick ratio of 4.78. The company’s 50 day simple moving average is $1.88 and its 200-day simple moving average is $3.05. BTCS has a 12 month low of $1.25 and a 12 month high of $8.49. The firm has a market capitalization of $61.36 million, a PE ratio of -0.69 and a beta of 3.24.

Analyst Upgrades and Downgrades

BTCS has been the subject of several research reports. Wall Street Zen cut BTCS from a “hold” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of BTCS in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $7.00.

Institutional Investors Weigh In On BTCS

A number of institutional investors and hedge funds have recently bought and sold shares of BTCS. Bank of America Corp DE grew its holdings in BTCS by 1,856.8% during 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. Nomura Holdings Inc. acquired a new position in shares of BTCS in the third quarter worth $58,000. Boothbay Fund Management LLC acquired a new position in shares of BTCS in the fourth quarter worth $42,000. Intesa Sanpaolo S.p.A. purchased a new stake in shares of BTCS in the fourth quarter valued at $43,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of BTCS in the fourth quarter valued at $51,000. Hedge funds and other institutional investors 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.