Strong Digital Mining Senior VP Sells $4,914 worth of shares at Investing.com

Richard J. Shaffer, Stronghold Digital, Inc. (NASDAQ: SDIG) senior vice president, sold 1,339 shares of the company’s Class A common stock. The shares were sold at $3.67 each, for a total of about $4,914. Following this transaction, Shaffer directly owns 22,577 shares. The sale was made to cover taxes related to the vesting and release of the shares given as a compensation package. This insider trading comes as the stock has experienced high volatility, returning -11.4% in the past week. As he says Invest Pro Analysis, Stronghold Digital Mining currently appears to be undervalued, additional insights are available via their comprehensive Pro Research report which provides in-depth analysis of 1,400+ US stocks.

In other recent news, Stronghold Digital Mining, Inc. It revised its Q3 2024 financial results following a review by the Securities and Exchange Commission (SEC). The restatement was triggered by an error in revenue recognition from mining supplier contracts and resulted in a misclassification of $3,145,003 in cryptocurrency hosting revenues. Despite this adjustment, it had no impact on the company’s net loss for the quarter in 2024.

In addition, B. Riley Financial has updated 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 of 196 Bitcoin, resulting in a Q3 revenue of $11.2 million, down from Q2 2024. Stronghold also announced a pending merger. With Bitfarms, he aims to increase operational efficiency and leverage from Bitcoin mining. However, while the company experienced a GAAP net loss of $22.7 million, non-GAAP adjusted EBITDA was a loss of $5.5 million. These are the latest developments regarding robust digital mining.

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