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

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 838,200 shares, an increase of 76.8% from the December 15th total of 474,100 shares. Based on an average daily trading volume, of 557,300 shares, the short-interest ratio is currently 1.5 days. Approximately 6.6% of the shares of the company are sold short.

Insider Activity

In other Stronghold Digital Mining news, CEO Gregory A. Beard sold 12,210 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $3.71, for a total transaction of $45,299.10. Following the sale, the chief executive officer now owns 462,351 shares in the company, valued at approximately $1,715,322.21. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 30,775 shares of company stock valued at $116,340 in the last ninety days. Corporate insiders own 21.14% of the company’s stock.

Institutional Investors Weigh In On Stronghold Digital Mining

Several institutional investors and hedge funds have recently modified their holdings of SDIG. Geode Capital Management LLC increased its stake in Stronghold Digital Mining by 83.0% in the 3rd quarter. Geode Capital Management LLC now owns 168,124 shares of the company’s stock worth $849,000 after acquiring an additional 76,260 shares during the last quarter. K2 Principal Fund L.P. bought a new stake in shares of Stronghold Digital Mining during the 3rd quarter worth approximately $882,000. Anson Funds Management LP bought a new stake in shares of Stronghold Digital Mining during the third quarter worth $2,466,000. State Street Corp boosted its stake in shares of Stronghold Digital Mining by 122.3% during the third quarter. State Street Corp now owns 57,630 shares of the company’s stock valued at $291,000 after purchasing an additional 31,700 shares during the period. Finally, Walleye Capital LLC bought a new position in shares of Stronghold Digital Mining in the third quarter worth about $1,022,000. Institutional investors own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

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

Stronghold Digital Mining Stock Up 1.9 %

NASDAQ SDIG opened at $3.72 on Wednesday. Stronghold Digital Mining has a 12 month low of $1.65 and a 12 month high of $6.70. The company has a current ratio of 0.27, a quick ratio of 0.21 and a debt-to-equity ratio of 1.73. The stock has a market cap of $64.14 million, a PE ratio of -1.01 and a beta of 2.98. The stock’s 50 day moving average is $4.69 and its 200 day moving average is $4.33.

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.