Short Interest in Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Rises By 76.8%

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) was the target of a large growth in short interest in December. As of December 31st, there was short interest totalling 838,200 shares, a growth 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 presently 1.5 days. Currently, 6.6% of the company’s stock are sold short.

Insider Activity

In other news, CEO Gregory A. Beard sold 12,210 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $3.71, for a total transaction of $45,299.10. Following the transaction, the chief executive officer now directly owns 462,351 shares of the company’s stock, valued at approximately $1,715,322.21. This represents a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 30,775 shares of company stock worth $116,340. Corporate insiders own 21.14% of the company’s stock.

Hedge Funds Weigh In On Stronghold Digital Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Anson Funds Management LP acquired a new position in shares of Stronghold Digital Mining in the third quarter valued at about $2,466,000. Walleye Capital LLC acquired a new position in Stronghold Digital Mining in the 3rd quarter worth approximately $1,022,000. K2 Principal Fund L.P. purchased a new position in Stronghold Digital Mining during the 3rd quarter worth approximately $882,000. Thomist Capital Management LP acquired a new stake in Stronghold Digital Mining during the 2nd quarter valued at approximately $485,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Stronghold Digital Mining by 83.0% in the 3rd quarter. Geode Capital Management LLC now owns 168,124 shares of the company’s stock valued at $849,000 after acquiring an additional 76,260 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

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

Stronghold Digital Mining Stock Performance

NASDAQ:SDIG traded up $0.01 during trading hours on Thursday, hitting $3.98. 256,623 shares of the company were exchanged, compared to its average volume of 385,732. 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 52-week low of $1.65 and a 52-week high of $6.70. The stock has a market capitalization of $68.62 million, a price-to-earnings ratio of -1.08 and a beta of 2.98. The company’s 50 day moving average price is $4.64 and its 200-day moving average price is $4.32.

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.