Stronghold Digital Mining, Inc. Sees Decrease in Short Interest

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) experienced a notable decrease in short interest for December. As of December 15th, the total short interest was 474,100 shares, reflecting a decline of 27.2% from the 651,300 shares reported on November 30th. Given the average daily trading volume of 552,900 shares, the current days-to-cover ratio is approximately 0.9 days. At present, around 3.7% of the company's total shares are sold short.

Performance of Stronghold Digital Mining Stock

During trading on Friday, SDIG's stock decreased by $0.11, reaching a price of $3.92. The trading volume for the day was 379,938 shares, significantly lower than the average volume of 898,226 shares. Over the past year, Stronghold Digital Mining's stock has seen a low of $1.65 and a high of $10.73. The company maintains a market capitalization of $67.59 million, a PE ratio of -1.06, and a beta value of 2.92. The stock has a 50-day simple moving average of $4.91 and a 200-day simple moving average of $4.35. Moreover, the company holds a current ratio of 0.27, a quick ratio of 0.21, and a debt-to-equity ratio of 1.73.

Analysts Update Price Targets

In recent developments, B. Riley upgraded Stronghold Digital Mining's status from a "hold" rating to a "strong-buy" rating on November 15th.

Insider Activity

On another note, CEO Gregory A. Beard recently sold 14,201 shares of the company on December 23rd. This transaction occurred at an average price of $3.85, resulting in a total sale value of $54,673.85. Following this transaction, Beard’s direct ownership in the company is 446,533 shares, which are valued at $1,719,152.05. This represents a 3.08% reduction in his holdings. The details of this sale have been filed with the SEC and can be accessed through their website. Over the past 90 days, insiders have sold a combined total of 29,816 shares worth $118,303, with company insiders holding 21.14% of the stock.

Institutional Investor Involvement

Recent activities among institutional investors and hedge funds reflect interest in Stronghold Digital Mining shares. Notably, Walleye Capital LLC established a new position valued at approximately $1,022,000 in the third quarter. Anson Funds Management LP acquired a new stake worth around $2,466,000 in the same quarter. Additionally, K2 Principal Fund L.P. purchased shares valued at $882,000, while Thomist Capital Management LP secured a position worth $485,000. XTX Topco Ltd also entered with a new stake valued at about $130,000. Institutional investors now collectively own 19.33% of the company's shares.

Company Overview

Stronghold Digital Mining, Inc. is a crypto asset mining firm focusing primarily on Bitcoin mining within the United States. The company operates in two segments: Energy Operations and Cryptocurrency Operations. Furthermore, it owns and manages coal refuse power generation sites and offers environmental remediation and reclamation services.

Investment Considerations

If you're contemplating an investment of $1,000 in Stronghold Digital Mining, it's essential to weigh various recommendations from market experts.

Market experts closely track the top-rated analysts and their stock recommendations. Currently, while Stronghold Digital Mining holds a "Buy" rating, analysts suggest exploring other stocks that may offer superior potential returns.

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