American Bitcoin (NASDAQ:ABTC) Stock Price Down 7.7% – Here’s Why

American Bitcoin Corp. (NASDAQ:ABTC) shares were down 7.7% during mid-day trading on Wednesday. The company traded as low as $8.25 and last traded at $7.9930. Approximately 144,975 shares were traded during trading, a decline of 88% from the average session volume of 1,198,383 shares. The stock had previously closed at $8.66.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ABTC shares. Zacks Research raised shares of American Bitcoin to a “hold” rating in a research note on Tuesday. Wall Street Zen cut shares of American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research report on Monday, September 21st. HC Wainwright began coverage on American Bitcoin in a research note on Monday. They set a “buy” rating and a $22.00 target price for the company. Finally, Maxim Group set a $16.00 target price on American Bitcoin and gave the stock a “buy” rating in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, American Bitcoin presently has an average rating of “Moderate Buy” and an average price target of $28.25.

American Bitcoin Stock Up 6.4%

The firm’s fifty day moving average is $8.27 and its 200-day moving average is $10.96.

American Bitcoin (NASDAQ:ABTC) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. The company had revenue of $67.01 million for the quarter. American Bitcoin had a negative net margin of 71.75% and a negative return on equity of 29.89%. Equities analysts predict that American Bitcoin Corp. will post 1.24 EPS for the current fiscal year.

Insider Activity at American Bitcoin

In related news, Director Justin Mateen purchased 162,438 shares of American Bitcoin stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $6.19 per share, with a total value of $1,005,491.22. Following the completion of the transaction, the director owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.57% of the company’s stock.

Institutional Trading of American Bitcoin

Institutional investors and hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC increased its holdings in shares of American Bitcoin by 44.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company’s stock valued at $34,000 after acquiring an additional 15,321 shares during the last quarter. Kingsbury Capital Investment Advisors LLC lifted its stake in American Bitcoin by 142.1% during the second quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock worth $1,629,000 after purchasing an additional 1,403,547 shares during the last quarter. PCG Wealth Advisors LLC raised its holdings in shares of American Bitcoin by 78.2% during the second quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company’s stock worth $833,000 after purchasing an additional 536,325 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of American Bitcoin during the second quarter worth $273,000. Finally, Maripau Wealth Management LLC acquired a new stake in shares of American Bitcoin during the first quarter worth $38,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

About American Bitcoin

Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.