Why Bitcoin- And Ethereum-Related Stock Stronghold Digital Mining Is Down 24%

Stronghold Digital Mining Inc SDIG shares are trading lower by 24.43% to $2.41 during Wednesday's trading session after the company reported worse-than-expected second-quarter sales results.

What Happened?

Stronghold Digital Mining reported quarterly losses of 82 cents per share. The company reported also quarterly sales of $29.18 million which missed the analyst consensus estimate of $34.86 million by 16%.

Also, B. Riley Securities analyst Lucas Pipes maintained Stronghold Digital Mining with a Buy and lowered the price target from $5 to $4.

See Also: Here's How Much You'd Have Now If You Invested $1,000 In Bitcoin, Ethereum And Dogecoin 5 Years Ago

According to data from Benzinga Pro, Stronghold Digital Mining has a 52-week high of $3.64 and a 52-week low of $0.55.