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

B. Riley upgraded shares of Stronghold Digital Mining (NASDAQ:SDIG) from a hold rating to a strong-buy rating in a research report sent to investors on Friday,Zacks.com reports.

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

Stronghold Digital Mining Stock Down 0.8 %

Shares of NASDAQ SDIG opened at $5.26 on Friday. The company has a market capitalization of $88.84 million, a price-to-earnings ratio of -1.42 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. The business has a 50-day moving average of $4.77 and a two-hundred day moving average of $4.00. Stronghold Digital Mining has a 1 year low of $1.65 and a 1 year high of $11.56.

Insiders Place Their Bets

In other news, CFO Matthew J. Smith sold 9,170 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $4.45, for a total value of $40,806.50. Following the completion of the sale, the chief financial officer now directly owns 159,598 shares of the company’s stock, valued at approximately $710,211.10. The trade was a 5.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregory A. Beard sold 44,261 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $4.44, for a total value of $196,518.84. Following the completion of the sale, the chief executive officer now directly owns 379,324 shares of the company’s stock, valued at $1,684,198.56. The trade was a 10.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 72,585 shares of company stock valued at $316,757 in the last ninety days. Insiders own 21.14% of the company’s stock.

Institutional Trading of Stronghold Digital Mining

Several institutional investors and hedge funds have recently made changes to their positions in the company. Anson Funds Management LP purchased a new stake in shares of Stronghold Digital Mining in the 3rd quarter valued at about $2,466,000. Walleye Capital LLC purchased a new stake in Stronghold Digital Mining during the 3rd quarter valued at approximately $1,022,000. K2 Principal Fund L.P. purchased a new stake in Stronghold Digital Mining during the 3rd quarter valued at approximately $882,000. Geode Capital Management LLC raised its stake in Stronghold Digital Mining by 83.0% during 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. Finally, Thomist Capital Management LP purchased a new stake in Stronghold Digital Mining during the 2nd quarter valued at approximately $485,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

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.