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

Stronghold Digital Mining, Inc. (NASDAQ:SDIG) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 560,300 shares, an increase of 31.0% from the August 15th total of 427,800 shares. Currently, 11.3% of the shares of the company are sold short. Based on an average daily volume of 539,700 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC acquired a new position in Stronghold Digital Mining during the first quarter worth about $48,000. AJ Wealth Strategies LLC grew its holdings in Stronghold Digital Mining by 21.1% during the first quarter. AJ Wealth Strategies LLC now owns 45,529 shares of the company’s stock worth $266,000 after acquiring an additional 7,936 shares during the period. Verition Fund Management LLC increased its holdings in shares of Stronghold Digital Mining by 682.9% in the first quarter. Verition Fund Management LLC now owns 156,578 shares of the company’s stock valued at $916,000 after buying an additional 136,578 shares in the last quarter. Vident Investment Advisory LLC bought a new position in shares of Stronghold Digital Mining in the first quarter valued at $504,000. Finally, Prelude Capital Management LLC increased its holdings in shares of Stronghold Digital Mining by 39.0% in the first quarter. Prelude Capital Management LLC now owns 28,864 shares of the company’s stock valued at $169,000 after buying an additional 8,097 shares in the last quarter. 4.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SDIG has been the subject of a number of research reports. B. Riley lifted their price objective on shares of Stronghold Digital Mining from $7.00 to $8.00 in a report on Monday, July 10th. Compass Point lifted their price objective on shares of Stronghold Digital Mining from $20.00 to $23.50 in a report on Thursday, July 20th.

Stronghold Digital Mining Stock Performance

NASDAQ:SDIG traded down $0.21 during mid-day trading on Friday, hitting $4.60. The stock had a trading volume of 170,006 shares, compared to its average volume of 328,985. The stock has a market capitalization of $45.08 million, a price-to-earnings ratio of -0.16 and a beta of 2.66. The company has a 50 day simple moving average of $6.76 and a 200-day simple moving average of $6.56. Stronghold Digital Mining has a 52 week low of $3.58 and a 52 week high of $13.60. The company has a current ratio of 0.60, a quick ratio of 0.46 and a debt-to-equity ratio of 0.70.

Stronghold Digital Mining (NASDAQ:SDIG) last issued its quarterly earnings data on Thursday, August 10th. The company reported ($2.40) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($1.13). Stronghold Digital Mining had a negative net margin of 114.79% and a negative return on equity of 31.12%. The firm had revenue of $18.23 million during the quarter, compared to the consensus estimate of $22.20 million. On average, research analysts expect that Stronghold Digital Mining will post -0.79 earnings per share for the current fiscal year.

Stronghold Digital Mining Company Profile

Stronghold Digital Mining, Inc, a crypto asset mining company, focuses on mining Bitcoin in the United States. It also engages in the operation of coal refuse power generation facilities. The company was incorporated in 2021 and is headquartered in New York, New York.