Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Sees Significant Growth in Short Interest

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 728,200 shares, a growth of 22.8% from the October 31st total of 593,000 shares. Based on an average daily volume of 551,800 shares, the days-to-cover ratio is currently 1.3 days. Approximately 5.9% of the shares of the company are sold short.

Stronghold Digital Mining Price Performance

NASDAQ SDIG traded up $0.08 during mid-day trading on Friday, hitting $5.20. The stock had a trading volume of 289,980 shares, compared to its average volume of 922,421. The company has a 50 day simple moving average of $4.89 and a 200 day simple moving average of $4.14. The company has a market cap of $89.65 million, a price-to-earnings ratio of -1.41 and a beta of 2.90. 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 0.21, a current ratio of 0.27 and a debt-to-equity ratio of 1.73.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SDIG. B. Riley upgraded Stronghold Digital Mining from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 15th. HC Wainwright reaffirmed a “neutral” rating on shares of Stronghold Digital Mining in a research note on Thursday, August 22nd.

Insider Buying and Selling at Stronghold Digital Mining

In other news, CEO Gregory A. Beard sold 15,259 shares of the firm’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $4.06, for a total value of $61,951.54. Following the completion of the sale, the chief executive officer now owns 391,437 shares in the company, valued at approximately $1,589,234.22. This trade represents a 3.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew J. Smith sold 9,170 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $4.45, for a total transaction of $40,806.50. Following the transaction, the chief financial officer now owns 159,598 shares in the company, valued at approximately $710,211.10. This trade represents a 5.43 % 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. 21.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Stronghold Digital Mining

Several institutional investors and hedge funds have recently made changes to their positions in the business. RFG Advisory LLC purchased a new stake in shares of Stronghold Digital Mining in the second quarter valued at about $43,000. Western Wealth Management LLC purchased a new stake in Stronghold Digital Mining in the 2nd quarter valued at approximately $59,000. Virtu Financial LLC acquired a new stake in Stronghold Digital Mining during the 1st quarter valued at $71,000. XTX Topco Ltd purchased a new position in Stronghold Digital Mining during the second quarter worth $130,000. Finally, State Street Corp raised its holdings in shares of Stronghold Digital Mining by 122.3% in 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 during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

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.