Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Short Interest Up 29.8% in September

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 641,800 shares, an increase of 29.8% from the September 15th total of 494,600 shares. Approximately 5.2% of the shares of the company are short sold. Based on an average trading volume of 1,540,000 shares, the days-to-cover ratio is presently 0.4 days.

Analyst Ratings Changes

A number of brokerages have recently commented on SDIG. B. Riley upped their target price on Stronghold Digital Mining from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. HC Wainwright restated a “neutral” rating on shares of Stronghold Digital Mining in a research report on Thursday, August 22nd.

Insiders Place Their Bets

In other news, CEO Gregory A. Beard sold 44,261 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $4.44, for a total value of $196,518.84. Following the transaction, the chief executive officer now directly owns 379,324 shares of the company’s stock, valued at approximately $1,684,198.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Matthew J. Smith sold 9,170 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $4.45, for a total transaction of $40,806.50. Following the completion of the transaction, the chief financial officer now directly owns 159,598 shares in the company, valued at $710,211.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gregory A. Beard sold 44,261 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $4.44, for a total value of $196,518.84. Following the sale, the chief executive officer now directly owns 379,324 shares in the company, valued at $1,684,198.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,950 shares of company stock valued at $336,271. 47.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Stronghold Digital Mining

A number of institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd acquired a new position in Stronghold Digital Mining during the second quarter worth $130,000. Thomist Capital Management LP acquired a new position in shares of Stronghold Digital Mining during the 2nd quarter worth about $485,000. Western Wealth Management LLC purchased a new position in Stronghold Digital Mining in the 2nd quarter valued at about $59,000. RFG Advisory LLC acquired a new stake in Stronghold Digital Mining in the 2nd quarter worth about $43,000. Finally, Virtu Financial LLC purchased a new stake in Stronghold Digital Mining during the 1st quarter worth approximately $71,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Stronghold Digital Mining Price Performance

Shares of SDIG stock traded down $0.16 during mid-day trading on Tuesday, hitting $4.20. 550,870 shares of the stock were exchanged, compared to its average volume of 973,732. Stronghold Digital Mining has a 52-week low of $1.65 and a 52-week high of $11.56. The company has a quick ratio of 0.24, a current ratio of 0.34 and a debt-to-equity ratio of 0.92. The company has a market cap of $64.56 million, a PE ratio of -0.89 and a beta of 2.90. The firm has a fifty day moving average of $4.22 and a 200 day moving average of $3.72.

Stronghold Digital Mining (NASDAQ:SDIG) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.33). Stronghold Digital Mining had a positive return on equity of 40.15% and a negative net margin of 7.61%. The business had revenue of $19.10 million during the quarter, compared to analyst estimates of $20.15 million. Research analysts anticipate that Stronghold Digital Mining will post -2.07 earnings per share for the current year.

About Stronghold Digital Mining

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.