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

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) was the recipient of a significant growth in short interest in 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 trading volume, of 551,800 shares, the short-interest ratio is currently 1.3 days. Currently, 5.9% of the company’s stock are short sold.

Stronghold Digital Mining Price Performance

Shares of Stronghold Digital Mining stock traded up $0.08 during midday trading on Friday, hitting $5.20. 289,980 shares of the company were exchanged, compared to its average volume of 660,644. The firm has a 50 day simple moving average of $4.89 and a 200-day simple moving average of $4.14. Stronghold Digital Mining has a 52 week low of $1.65 and a 52 week high of $11.56. The firm has a market cap of $89.65 million, a P/E ratio of -1.41 and a beta of 2.90. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.27 and a quick ratio of 0.21.

Insider Activity at Stronghold Digital Mining

In related news, CEO Gregory A. Beard sold 15,259 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $4.06, for a total value of $61,951.54. Following the transaction, the chief executive officer now owns 391,437 shares in the company, valued at approximately $1,589,234.22. This represents a 3.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Matthew J. Smith sold 9,170 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $4.45, for a total value 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. Over the last ninety days, insiders have sold 72,585 shares of company stock valued at $316,757. Company insiders own 21.14% of the company’s stock.

Institutional Trading of Stronghold Digital Mining

Several hedge funds have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of Stronghold Digital Mining during the first quarter worth $71,000. RFG Advisory LLC bought a new stake in shares of Stronghold Digital Mining during the second quarter valued at approximately $43,000. Western Wealth Management LLC acquired a new stake in shares of Stronghold Digital Mining in the second quarter valued at approximately $59,000. Thomist Capital Management LP acquired a new position in Stronghold Digital Mining during the 2nd quarter worth $485,000. Finally, XTX Topco Ltd acquired a new position in Stronghold Digital Mining during the 2nd quarter worth $130,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. HC Wainwright reissued a “neutral” rating on shares of Stronghold Digital Mining in a research report on Thursday, August 22nd. B. Riley upgraded Stronghold Digital Mining from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 15th.

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.