Richard J. Shaffer, Senior Vice President of Stronghold Digital Mining, Inc. (NASDAQ:SDIG), has sold 1,339 shares of the company's Class A common stock. The shares were sold at a price of $3.67 each, totaling approximately $4,914. Following this transaction, Shaffer holds 22,577 shares directly. The sales were executed to cover taxes related to the vesting and release of shares awarded to him as part of his compensation package.This insider transaction comes as the stock has experienced significant volatility, with a -11.4% return over the past week. According to InvestingPro analysis, Stronghold Digital Mining currently appears undervalued, with additional insights available through their comprehensive Pro Research Report, which provides deep-dive analysis of 1,400+ US stocks.
In other recent news, Stronghold Digital Mining, Inc. has revised its Q3 2024 financial results following a review by the Securities and Exchange Commission (SEC). The restatement was prompted by an error in revenue recognition from Bitcoin miner hosting contracts and resulted in a misclassification of $3,145,003 in cryptocurrency hosting revenues. Despite this adjustment, there was no impact on the company's net loss for all quarterly periods in 2024.
In addition, B. Riley Financial has updated its stock price targets for several digital mining companies, including Stronghold Digital Mining. The firm maintains a 'Buy' rating for these stocks, reflecting recent trends in Bitcoin pricing and global network hash rates.
In other developments, Stronghold reported a decrease in Bitcoin production and revenue for Q3 2024. The company generated a total equivalent of 196 Bitcoin, resulting in a Q3 revenue of $11.2 million, a decrease from Q2 2024. Furthermore, Stronghold has announced a pending merger with Bitfarms, aimed at increasing operational efficiency and diversifying beyond Bitcoin mining. However, the company reported a GAAP net loss of $22.7 million, with a non-GAAP adjusted EBITDA loss of $5.5 million. These are recent developments concerning Stronghold Digital Mining.
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