Stronghold Digital Mining (NASDAQ:SDIG) Rating Increased to Strong-Buy at B. Riley

Stronghold Digital Mining (NASDAQ:SDIG) was upgraded by stock analysts at B. Riley from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday,Zacks.com reports.

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

Stronghold Digital Mining Price Performance

NASDAQ SDIG opened at $5.26 on Friday. The stock’s fifty day moving average price is $4.77 and its 200 day moving average price is $4.00. Stronghold Digital Mining has a 1 year low of $1.65 and a 1 year high of $11.56. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.27 and a quick ratio of 0.21. The company 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 other news, CFO Matthew J. Smith sold 9,170 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $4.45, for a total transaction 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 represents a 5.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gregory A. Beard sold 44,261 shares of Stronghold Digital Mining stock in a transaction 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 sale, the chief executive officer now directly owns 379,324 shares in the company, valued at $1,684,198.56. This represents a 10.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 72,585 shares of company stock valued at $316,757 in the last quarter. 21.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Stronghold Digital Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. RFG Advisory LLC purchased a new stake in shares of Stronghold Digital Mining during the second quarter worth about $43,000. Western Wealth Management LLC acquired a new position in shares of Stronghold Digital Mining during the second quarter valued at approximately $59,000. Virtu Financial LLC acquired a new position in Stronghold Digital Mining during the first quarter worth about $71,000. XTX Topco Ltd purchased a new position in Stronghold Digital Mining during the second quarter worth approximately $130,000. Finally, State Street Corp boosted 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 buying an additional 31,700 shares during the last quarter. 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.