Short Interest in Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Grows By 22.8%

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) was the recipient of a significant growth in short interest during 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. Approximately 5.9% of the company’s shares are short sold. Based on an average daily volume of 551,800 shares, the short-interest ratio is currently 1.3 days.

Analysts Set New Price Targets

A number of analysts recently commented on SDIG shares. B. Riley raised Stronghold Digital Mining from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 15th. HC Wainwright reissued a “neutral” rating on shares of Stronghold Digital Mining in a research report on Thursday, August 22nd.

Stronghold Digital Mining Stock Performance

Shares of Stronghold Digital Mining stock opened at $5.20 on Monday. 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 has a market capitalization of $89.65 million, a P/E ratio of -1.41 and a beta of 2.90. The business has a fifty day simple moving average of $4.89 and a two-hundred day simple moving average of $4.15. Stronghold Digital Mining has a 12 month low of $1.65 and a 12 month high of $11.56.

Insider Transactions at Stronghold Digital Mining

In related news, CEO Gregory A. Beard sold 15,259 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 391,437 shares of the company’s stock, valued at $1,589,234.22. This trade represents a 3.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Matthew J. Smith sold 9,170 shares of the firm’s 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 completion of the sale, the chief financial officer now directly owns 159,598 shares of the company’s stock, valued at $710,211.10. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,585 shares of company stock worth $316,757. Insiders own 21.14% of the company’s stock.

Hedge Funds Weigh In On Stronghold Digital Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. RFG Advisory LLC bought a new position in shares of Stronghold Digital Mining during the second quarter valued at $43,000. Western Wealth Management LLC bought a new position in shares of Stronghold Digital Mining during the second quarter valued at $59,000. Virtu Financial LLC bought a new position in shares of Stronghold Digital Mining during the first quarter valued at $71,000. XTX Topco Ltd bought a new position in shares of Stronghold Digital Mining during the second quarter valued at $130,000. Finally, State Street Corp increased its holdings in shares of Stronghold Digital Mining by 122.3% during the third quarter. State Street Corp now owns 57,630 shares of the company’s stock valued at $291,000 after acquiring an additional 31,700 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

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.