K2 Principal Fund L.P. Invests in Stronghold Digital Mining, Inc.

K2 Principal Fund L.P. has made a significant move by acquiring a new position in Stronghold Digital Mining, Inc. (NASDAQ:SDIG) during the third quarter of the year. This acquisition was revealed in the fund's latest detailed filing with the Securities and Exchange Commission. Specifically, K2 Principal Fund L.P. purchased 174,561 shares of Stronghold's stock, which is estimated to be worth around $882,000. Following this transaction, K2 Principal Fund L.P. now holds approximately 1.03% of Stronghold Digital Mining.

In addition to K2 Principal Fund, several other institutional investors have recently engaged in buying and selling shares of Stronghold Digital Mining. For example, in the second quarter, Western Wealth Management LLC initiated a new stake in Stronghold valued at $59,000. RFG Advisory LLC invested about $43,000 in the same quarter, while Walleye Capital LLC acquired shares worth approximately $1,022,000 during the third quarter. Meanwhile, Thomist Capital Management LP took a new position valued at around $485,000, and XTX Topco Ltd invested about $130,000 in the second quarter. Currently, about 19.33% of Stronghold's stock is owned by institutional investors and hedge funds.

Insider Transactions at Stronghold Digital Mining

Recent insider activity at Stronghold Digital Mining has also been noteworthy. On September 18th, CFO Matthew J. Smith sold 9,170 shares of the company's stock at an average price of $4.45, amounting to approximately $40,806.50. After this sale, he retains ownership of 159,598 shares, which are valued at around $710,211.10. This sale reflects a 5.43% reduction in his stake in the company. Similarly, CEO Gregory A. Beard sold 44,261 shares on the same date, with these shares fetching an average price of $4.44, totaling about $196,518.84. Post-transaction, Beard owns 379,324 shares worth approximately $1,684,198.56, representing a 10.45% decrease in his ownership. Over the last three months, insiders have sold a total of 72,585 shares valued at $316,757. Currently, insiders possess 21.14% of the company’s stock.

Analyst Ratings and Price Targets

Multiple research analysts have recently provided updates regarding Stronghold Digital Mining. HC Wainwright maintained a "neutral" rating for the company's shares in a report published on August 22nd. Conversely, B. Riley upgraded Stronghold Digital Mining from a "hold" rating to a "strong-buy" rating in a report released on November 15th.

Stronghold Digital Mining Stock Overview

As of Friday, Stronghold Digital Mining's stock opened at $5.68. The company boasts a market capitalization of $97.92 million and has a P/E ratio of -1.54, with a beta of 2.92. The stock hit a 12-month low of $1.65 and reached a high of $11.56 within the same period. Stronghold's debt-to-equity ratio stands at 1.73, while its current ratio and quick ratio are 0.27 and 0.21, respectively. The company’s 50-day moving average is $4.90, and the 200-day moving average sits at $4.21.

Company Profile

Stronghold Digital Mining, Inc. is a cryptocurrency asset mining company primarily focused on Bitcoin mining operations in the United States. The company operates in two main segments: Energy Operations and Cryptocurrency Operations. In addition, Stronghold manages coal refuse power generation facilities and provides environmental remediation and reclamation services.

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