Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Sees Large Decrease in Short Interest

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) experienced a significant reduction in short interest during December. As of December 15th, the total short interest stood at 474,100 shares, marking a decline of 27.2% from the total of 651,300 shares reported on November 30th. Given an average daily trading volume of 552,900 shares, the current short-interest ratio is 0.9 days. This means that approximately 3.7% of the company’s shares are currently sold short.

Stock Performance of Stronghold Digital Mining

On the trading floor, Stronghold Digital Mining saw its stock price drop by $0.11 on Friday, bringing it down to $3.92. The trading volume for the day was 379,938 shares, which is lower than its average volume of 898,226. Over the past year, the stock has fluctuated between a low of $1.65 and a high of $10.73. Currently, the firm has a market capitalization of $67.59 million, a PE ratio of -1.06, and a beta of 2.92. The stock also has a 50-day simple moving average of $4.91 and a 200-day simple moving average of $4.35. Financial ratios indicate a current ratio of 0.27, a quick ratio of 0.21, and a debt-to-equity ratio of 1.73.

Analysts Update Price Ratings

In recent analyst ratings, B. Riley recently upgraded Stronghold Digital Mining from a "hold" rating to a "strong-buy" rating in a report published on November 15th.

Insider Activities

In other news related to Stronghold Digital Mining, CEO Gregory A. Beard sold 14,201 shares of the company on December 23rd. The shares were sold at an average price of $3.85, resulting in a total transaction value of $54,673.85. After this sale, Beard’s total ownership of the company decreased to 446,533 shares, valued at approximately $1,719,152.05. This transaction reflects a 3.08% decrease in his stock position. The transaction details were filed with the SEC, and the document is available for public review. In the past 90 days, insiders have sold a total of 29,816 shares valued at $118,303, with company insiders owning 21.14% of the total stock.

Institutional Investments

Recent activity from institutional investors and hedge funds has impacted Stronghold Digital Mining's stock. Walleye Capital LLC initiated a new position during the third quarter with an investment of about $1,022,000. Anson Funds Management LP also acquired a new stake during the third quarter, valued at around $2,466,000. Other firms, including K2 Principal Fund L.P., Thomist Capital Management LP, and XTX Topco Ltd., have similarly invested in the company, bringing institutional ownership to 19.33% of Stronghold's equity.

About the Company

Stronghold Digital Mining, Inc. is a cryptocurrency mining company that focuses on Bitcoin mining operations in the United States. The company is divided into two major segments: Energy Operations and Cryptocurrency Operations. In addition to mining, it also manages coal refuse power generation facilities and offers environmental remediation services.

Stronghold, Mining, Investments