Short Interest in Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Decreases By 28.2%

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) saw a large drop in short interest in September. As of September 15th, there was short interest totalling 494,600 shares, a drop of 28.2% from the August 31st total of 689,100 shares. Based on an average trading volume of 1,610,000 shares, the days-to-cover ratio is currently 0.3 days. Approximately 4.0% of the shares of the stock are short sold.

Stronghold Digital Mining Stock Up 1.4 %

SDIG traded up $0.07 during midday trading on Friday, hitting $5.24. The company had a trading volume of 495,625 shares, compared to its average volume of 561,746. The stock’s 50 day moving average price is $3.92 and its 200 day moving average price is $3.69. The company has a market capitalization of $88.50 million, a price-to-earnings ratio of -1.11 and a beta of 2.90. The company has a quick ratio of 0.24, a current ratio of 0.34 and a debt-to-equity ratio of 0.92. Stronghold Digital Mining has a 52 week low of $1.65 and a 52 week high of $11.56.

Stronghold Digital Mining (NASDAQ:SDIG) last issued its 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 firm had revenue of $19.10 million for the quarter, compared to analyst estimates of $20.15 million. On average, research analysts anticipate that Stronghold Digital Mining will post -2.07 earnings per share for the current fiscal year.

Insider Activity at Stronghold Digital Mining

In related news, CEO Gregory A. Beard sold 44,261 shares of Stronghold Digital Mining stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $4.44, for a total transaction of $196,518.84. Following the sale, the chief executive officer now directly owns 379,324 shares in the company, valued at approximately $1,684,198.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Matthew J. Smith sold 9,170 shares of the 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 sale, the chief financial officer now directly owns 159,598 shares in the company, valued at $710,211.10. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gregory A. Beard sold 44,261 shares of Stronghold Digital Mining stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $4.44, for a total transaction 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. The disclosure for this sale can be found here. Insiders have sold a total of 78,740 shares of company stock valued at $332,873 in the last 90 days. 47.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Armistice Capital LLC purchased a new position in shares of Stronghold Digital Mining during the fourth quarter valued at approximately $7,300,000. Thomist Capital Management LP purchased a new stake in shares of Stronghold Digital Mining in the second quarter valued at about $485,000. Nomura Holdings Inc. purchased a new stake in shares of Stronghold Digital Mining in the fourth quarter valued at about $404,000. XTX Topco Ltd bought a new position in shares of Stronghold Digital Mining during the second quarter valued at about $130,000. Finally, Virtu Financial LLC purchased a new position in Stronghold Digital Mining during the first quarter worth about $71,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Ratings Changes

SDIG has been the subject of several research analyst reports. B. Riley lifted their price objective on Stronghold Digital Mining from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. HC Wainwright reiterated a “neutral” rating on shares of Stronghold Digital Mining in a report on Thursday, August 22nd.

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.