Stronghold Digital Mining (NASDAQ:SDIG) Stock Price Down 5.5% – What’s Next?

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) was down 5.5% on Wednesday . The stock traded as low as $3.46 and last traded at $3.46. Approximately 135,705 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 355,683 shares. The stock had previously closed at $3.66.

Wall Street Analysts Forecast Growth

Separately, B. Riley upgraded Stronghold Digital Mining from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 15th.

Stronghold Digital Mining Stock Down 0.3 %

The company has a debt-to-equity ratio of 1.73, a current ratio of 0.27 and a quick ratio of 0.21. The business’s fifty day moving average price is $4.16 and its two-hundred day moving average price is $4.29. The stock has a market capitalization of $58.27 million, a PE ratio of -0.91 and a beta of 2.99.

Insider Buying and Selling at Stronghold Digital Mining

In other Stronghold Digital Mining news, CEO Gregory A. Beard sold 12,210 shares of Stronghold Digital Mining stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $3.71, for a total transaction of $45,299.10. Following the completion of the sale, the chief executive officer now directly owns 462,351 shares in the company, valued at approximately $1,715,322.21. The trade was a 2.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 30,686 shares of company stock worth $115,775. 21.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Soltis Investment Advisors LLC purchased a new stake in Stronghold Digital Mining in the fourth quarter valued at $72,000. State Street Corp lifted its holdings in shares of Stronghold Digital Mining by 122.3% in the 3rd quarter. State Street Corp now owns 57,630 shares of the company’s stock valued at $291,000 after buying an additional 31,700 shares during the period. Geode Capital Management LLC boosted its stake in shares of Stronghold Digital Mining by 83.0% in the third quarter. Geode Capital Management LLC now owns 168,124 shares of the company’s stock worth $849,000 after buying an additional 76,260 shares during the last quarter. K2 Principal Fund L.P. purchased a new stake in shares of Stronghold Digital Mining in the third quarter worth about $882,000. Finally, Walleye Capital LLC purchased a new position in Stronghold Digital Mining during the third quarter valued at approximately $1,022,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Stronghold Digital Mining Company Profile

Stronghold Digital Mining, Inc, a crypto asset mining company, focuses on Bitcoin mining in the United States. It operates in two segments, Energy Operations and Cryptocurrency Operations. It also owns and operates coal refuse power generation facilities; and provides environmental remediation and reclamation services.