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

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) saw a large growth in short interest in 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. Based on an average daily trading volume, of 551,800 shares, the days-to-cover ratio is currently 1.3 days. Approximately 5.9% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

SDIG has been the subject of a number of recent research reports. HC Wainwright restated a “neutral” rating on shares of Stronghold Digital Mining in a research note on Thursday, August 22nd. B. Riley upgraded Stronghold Digital Mining from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 15th.

Stronghold Digital Mining Trading Up 1.6 %

Stronghold Digital Mining stock opened at $5.20 on Monday. The business has a 50-day simple moving average of $4.89 and a two-hundred day simple moving average of $4.15. The company has a market cap of $89.65 million, a P/E ratio of -1.41 and a beta of 2.90. Stronghold Digital Mining has a 52-week low of $1.65 and a 52-week high of $11.56. The company has a quick ratio of 0.21, a current ratio of 0.27 and a debt-to-equity ratio of 1.73.

Insider Buying and Selling

In related news, CFO Matthew J. Smith sold 9,170 shares of Stronghold Digital Mining 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 in the company, valued at approximately $710,211.10. This trade represents a 5.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory A. Beard sold 44,261 shares of Stronghold Digital Mining stock in a transaction dated Wednesday, September 18th. The stock was 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 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. In the last ninety days, insiders sold 72,585 shares of company stock worth $316,757. 21.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Stronghold Digital Mining

A number of large investors have recently made changes to their positions in SDIG. RFG Advisory LLC purchased a new position in shares of Stronghold Digital Mining during the 2nd quarter valued at about $43,000. Western Wealth Management LLC purchased a new position in shares of Stronghold Digital Mining during the 2nd quarter valued at about $59,000. Virtu Financial LLC purchased a new position in shares of Stronghold Digital Mining during the 1st quarter valued at about $71,000. XTX Topco Ltd purchased a new position in shares of Stronghold Digital Mining during the 2nd quarter valued at about $130,000. Finally, State Street Corp lifted its position in shares of Stronghold Digital Mining by 122.3% during the 3rd quarter. State Street Corp now owns 57,630 shares of the company’s stock valued at $291,000 after buying an additional 31,700 shares in the last quarter. 19.33% of the stock is currently owned by 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.