Stronghold Digital Mining (NASDAQ:SDIG) Upgraded to “Strong-Buy” at B. Riley

B. Riley upgraded shares of Stronghold Digital Mining (NASDAQ:SDIG) from a hold rating to a strong-buy rating in a research report report published on Friday,Zacks.com reports.

Separately, HC Wainwright restated a “neutral” rating on shares of Stronghold Digital Mining in a report on Thursday, August 22nd.

Stronghold Digital Mining Stock Down 0.8 %

Shares of Stronghold Digital Mining stock opened at $5.26 on Friday. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.27 and a quick ratio of 0.21. Stronghold Digital Mining has a 1 year low of $1.65 and a 1 year high of $11.56. The firm’s 50-day moving average is $4.77 and its two-hundred day moving average is $4.00. The stock has a market cap of $88.84 million, a price-to-earnings ratio of -1.42 and a beta of 2.90.

Insider Activity

In related news, CFO Matthew J. Smith sold 9,170 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $4.45, for a total value of $40,806.50. Following the completion of the transaction, the chief financial officer now directly owns 159,598 shares of the company’s stock, valued at $710,211.10. This trade represents a 5.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gregory A. Beard sold 44,261 shares of the 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 completion of the transaction, the chief executive officer now directly owns 379,324 shares of the company’s stock, valued at $1,684,198.56. The trade was a 10.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,585 shares of company stock worth $316,757. Corporate insiders own 21.14% of the company’s stock.

Hedge Funds Weigh In On Stronghold Digital Mining

Several hedge funds and other institutional investors have recently modified their holdings of SDIG. Virtu Financial LLC purchased a new position in shares of Stronghold Digital Mining in the 1st quarter valued at approximately $71,000. RFG Advisory LLC purchased a new position in Stronghold Digital Mining during the 2nd quarter worth approximately $43,000. Western Wealth Management LLC acquired a new stake in Stronghold Digital Mining during the 2nd quarter valued at approximately $59,000. Thomist Capital Management LP acquired a new stake in Stronghold Digital Mining during the 2nd quarter valued at approximately $485,000. Finally, XTX Topco Ltd acquired a new stake in Stronghold Digital Mining during the 2nd quarter valued at approximately $130,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

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.