Short Interest in Digital Brands Group, Inc. (NASDAQ:DBGI) Decreases By 98.1%

Digital Brands Group, Inc. (NASDAQ:DBGI) saw a large drop in short interest in the month of July. As of July 31st, there was short interest totaling 48,595 shares, a drop of 98.1% from the July 15th total of 2,536,469 shares. Based on an average trading volume of 63,028 shares, the days-to-cover ratio is currently 0.8 days. Approximately 9.1% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several research analysts recently commented on DBGI shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Digital Brands Group in a research report on Friday, July 17th. Wall Street Zen cut shares of Digital Brands Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

Digital Brands Group Stock Performance

NASDAQ DBGI traded down $1.25 during trading on Tuesday, reaching $15.80. 166,130 shares of the company traded hands, compared to its average volume of 192,365. The stock’s 50 day moving average price is $26.56 and its two-hundred day moving average price is $87.51. The company has a market cap of $8.53 million and a price-to-earnings ratio of -0.15. Digital Brands Group has a 1-year low of $8.37 and a 1-year high of $720.00.

Insider Activity at Digital Brands Group

In other news, CEO John Hilburn Iv Davis acquired 15,458 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were bought at an average price of $45.20 per share, with a total value of $698,701.60. Following the acquisition, the chief executive officer owned 17,211 shares of the company’s stock, valued at $777,937.20. This trade represents a 881.80% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On Digital Brands Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp bought a new stake in Digital Brands Group in the first quarter valued at $432,000. Geode Capital Management LLC acquired a new position in Digital Brands Group during the fourth quarter worth $890,000. Dimensional Fund Advisors LP bought a new position in shares of Digital Brands Group during the first quarter valued at $29,000. Finally, Connective Capital Management LLC bought a new position in shares of Digital Brands Group during the fourth quarter valued at $876,000. 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.