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

K2 Principal Fund L.P. has taken a new stake in shares of Stronghold Digital Mining, Inc. (NASDAQ:SDIG) during the third quarter. According to its latest filing with the Securities and Exchange Commission, the fund purchased 174,561 shares of Stronghold Digital Mining, valued at around $882,000. Following this acquisition, K2 Principal Fund L.P. holds approximately 1.03% of Stronghold Digital Mining's total shares as of the most recent disclosure.

Additionally, several other institutional investors have made moves regarding shares of Stronghold Digital Mining. For instance, Western Wealth Management LLC initiated a new position in the company during the second quarter, with an investment valued at $59,000. Similarly, RFG Advisory LLC also acquired a new stake in the same quarter valued at about $43,000. Walleye Capital LLC invested approximately $1,022,000 in the third quarter, while Thomist Capital Management LP purchased a new stake valued at around $485,000. Finally, XTX Topco Ltd added a new position worth about $130,000 in the second quarter. As it stands, institutional investors, including hedge funds, own 19.33% of Stronghold Digital Mining's stock.

Recent Insider Activity

In recent news about insider trading, CFO Matthew J. Smith sold 9,170 shares of Stronghold Digital Mining on September 18th, for an average price of $4.45, totaling approximately $40,806.50. After this transaction, he holds 159,598 shares valued at about $710,211.10, marking a 5.43% reduction in his holdings. This sale has been officially disclosed to the Securities and Exchange Commission. Additionally, CEO Gregory A. Beard also sold 44,261 shares on the same date, at an average price of $4.44, amounting to a total of $196,518.84. Post-sale, Beard holds 379,324 shares valued at roughly $1,684,198.56, which represents a 10.45% decrease in his ownership. This insider activity highlights the ongoing changes within Stronghold Digital Mining, where company insiders collectively own 21.14% of the company's shares.

Price Targets by Analysts

Recently, various analysts have expressed their views and price targets regarding Stronghold Digital Mining. HC Wainwright issued a research report reiterating a "neutral" rating for the shares on August 22nd. In a more recent update, B. Riley raised Stronghold Digital Mining's rating from "hold" to "strong-buy" on November 15th, showcasing a varying sentiment among analysts.

Stronghold Digital Mining's Stock Performance

As for Stronghold Digital Mining's stock performance, it opened at $5.68 on a recent Friday. The company's market capitalization is approximately $97.92 million, with a P/E ratio of -1.54 and a beta of 2.92. Over the past year, the stock has seen a low of $1.65 and a high of $11.56. Key financial ratios include a debt-to-equity ratio of 1.73, a current ratio of 0.27, and a quick ratio of 0.21. The stock's 50-day moving average stands at $4.90, while the two-hundred day moving average is at $4.21.

About Stronghold Digital Mining

Stronghold Digital Mining, Inc. is engaged in crypto asset mining, focusing primarily on Bitcoin mining within the United States. The company operates in two segments: Energy Operations and Cryptocurrency Operations. It is also involved in coal refuse power generation facilities while offering environmental remediation and reclamation services.

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