Stronghold Digital Mining (NASDAQ:SDIG) Trading Down 5.5% – Here’s Why

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

Analyst Upgrades and Downgrades

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

Stronghold Digital Mining Trading Down 5.5 %

The firm has a market cap of $59.66 million, a P/E ratio of -0.94 and a beta of 2.99. The company’s 50 day moving average is $4.19 and its two-hundred day moving average is $4.30. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.27 and a quick ratio of 0.21.

Insiders Place Their Bets

In related news, CEO Gregory A. Beard sold 12,210 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $3.71, for a total value of $45,299.10. Following the sale, the chief executive officer now owns 462,351 shares of the company’s stock, valued at $1,715,322.21. The trade was a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 30,686 shares of company stock worth $115,775. 21.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SDIG. Soltis Investment Advisors LLC acquired a new position in shares of Stronghold Digital Mining in the 4th quarter worth approximately $72,000. State Street Corp raised its stake in Stronghold Digital Mining by 122.3% during the third quarter. State Street Corp now owns 57,630 shares of the company’s stock worth $291,000 after acquiring an additional 31,700 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Stronghold Digital Mining by 83.0% during the third quarter. Geode Capital Management LLC now owns 168,124 shares of the company’s stock valued at $849,000 after acquiring an additional 76,260 shares during the period. K2 Principal Fund L.P. acquired a new stake in shares of Stronghold Digital Mining in the 3rd quarter valued at $882,000. Finally, Walleye Capital LLC bought a new stake in shares of Stronghold Digital Mining in the 3rd quarter worth about $1,022,000. Institutional investors own 19.33% of the company’s stock.

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.