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

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) was the recipient of a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 474,100 shares, a decrease of 27.2% from the November 30th total of 651,300 shares. Based on an average trading volume of 552,900 shares, the days-to-cover ratio is presently 0.9 days. Approximately 3.7% of the company’s stock are sold short.

Stronghold Digital Mining Stock Performance

SDIG traded down $0.11 during trading hours on Friday, hitting $3.92. The company’s stock had a trading volume of 379,938 shares, compared to its average volume of 898,226. Stronghold Digital Mining has a fifty-two week low of $1.65 and a fifty-two week high of $10.73. The firm has a market capitalization of $67.59 million, a PE ratio of -1.06 and a beta of 2.92. The company has a 50-day simple moving average of $4.91 and a 200 day simple moving average of $4.35. The company has a current ratio of 0.27, a quick ratio of 0.21 and a debt-to-equity ratio of 1.73.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Stronghold Digital Mining news, CEO Gregory A. Beard sold 14,201 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $3.85, for a total value of $54,673.85. Following the transaction, the chief executive officer now directly owns 446,533 shares of the company’s stock, valued at $1,719,152.05. This represents a 3.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 29,816 shares of company stock worth $118,303 in the last 90 days. 21.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Stronghold Digital Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. Walleye Capital LLC bought a new position in Stronghold Digital Mining during the third quarter valued at about $1,022,000. Anson Funds Management LP bought a new stake in shares of Stronghold Digital Mining in the 3rd quarter worth approximately $2,466,000. K2 Principal Fund L.P. purchased a new stake in shares of Stronghold Digital Mining during the third quarter valued at $882,000. Thomist Capital Management LP acquired a new position in shares of Stronghold Digital Mining in the 2nd quarter valued at $485,000. Finally, XTX Topco Ltd acquired a new stake in Stronghold Digital Mining during the 2nd quarter worth about $130,000. Institutional investors 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.