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

B. Riley upgraded shares of Stronghold Digital Mining (NASDAQ:SDIG) from a hold rating to a strong-buy rating in a report issued 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

Shares of SDIG stock opened at $5.26 on Friday. Stronghold Digital Mining has a 1 year low of $1.65 and a 1 year high of $11.56. 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 firm’s 50 day moving average is $4.77 and its 200-day moving average is $4.00. The firm has a market capitalization of $88.84 million, a price-to-earnings ratio of -1.42 and a beta of 2.90.

Insider Transactions at Stronghold Digital Mining

In other news, CEO Gregory A. Beard sold 44,261 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $4.44, for a total value of $196,518.84. Following the transaction, the chief executive officer now owns 379,324 shares of the company’s stock, valued at $1,684,198.56. This represents a 10.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Matthew J. Smith sold 9,170 shares of Stronghold Digital Mining stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $4.45, for a total value of $40,806.50. Following the sale, the chief financial officer now directly owns 159,598 shares of the company’s stock, 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. Insiders sold a total of 72,585 shares of company stock worth $316,757 in the last quarter. 21.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.