BTCS (NASDAQ:BTCS) Upgraded to Sell at Wall Street Zen

BTCS (NASDAQ:BTCS) was upgraded by research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings lowered BTCS from a “hold (c)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.00.

BTCS Stock Performance

Shares of BTCS stock opened at $0.91 on Friday. BTCS has a one year low of $0.83 and a one year high of $3.63. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.06. The company has a 50 day moving average price of $1.25 and a 200 day moving average price of $1.43. The firm has a market capitalization of $47.68 million, a price-to-earnings ratio of -0.26 and a beta of 3.32.

BTCS (NASDAQ:BTCS) last announced its quarterly earnings results on Thursday, November 12th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $1.09. BTCS had a negative net margin of 856.40% and a negative return on equity of 9.17%. The company had revenue of $4.09 million for the quarter, compared to analyst estimates of $5.50 million.

Hedge Funds Weigh In On BTCS

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC increased its holdings in BTCS by 192.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company’s stock valued at $1,469,000 after purchasing an additional 695,555 shares in the last quarter. Engineers Gate Manager LP purchased a new position in BTCS in the second quarter valued at about $30,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of BTCS during the second quarter worth about $80,000. Institutional investors and hedge funds own 3.48% of the company’s stock.

About BTCS

BTCS Inc. is a blockchain infrastructure company focused on supporting proof-of-stake networks, including Ethereum. Its activities include operating validator nodes and providing staking-related services that help blockchain networks process and validate transactions. The company also develops Builder+, software designed to help Ethereum validators build blocks and optimize their participation in the network. Its business centers on blockchain infrastructure and services rather than consumer-facing products.