American Bitcoin (NASDAQ:ABTC) Trading Down 6.8% – Time to Sell?

American Bitcoin Corp. (NASDAQ:ABTC)’s share price was down 6.8% during mid-day trading on Monday . The company traded as low as $1.03 and last traded at $1.0350. Approximately 3,006,813 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 14,174,562 shares. The stock had previously closed at $1.11.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ABTC shares. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Friday, March 27th. Zacks Research upgraded shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, HC Wainwright started coverage on shares of American Bitcoin in a research note on Monday, February 2nd. They set a “buy” rating and a $4.00 target price for the company. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, American Bitcoin has a consensus rating of “Hold” and an average target price of $4.00.

American Bitcoin Price Performance

The business’s 50 day moving average is $1.07 and its 200 day moving average is $1.95. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -2.05 and a beta of 3.80.

American Bitcoin (NASDAQ:ABTC) last issued its earnings results on Wednesday, May 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). American Bitcoin had a negative return on equity of 29.72% and a negative net margin of 69.42%.The firm had revenue of $62.12 million for the quarter, compared to analyst estimates of $74.85 million. As a group, analysts forecast that American Bitcoin Corp. will post 0.01 earnings per share for the current year.

Insider Buying and Selling at American Bitcoin

In related news, Director Justin Mateen acquired 1,800,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was bought at an average price of $1.03 per share, for a total transaction of $1,854,000.00. Following the completion of the purchase, the director directly owned 2,524,975 shares of the company’s stock, valued at approximately $2,600,724.25. The trade was a 248.28% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard Busch acquired 240,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was bought at an average price of $0.96 per share, with a total value of $230,400.00. Following the purchase, the director directly owned 1,240,975 shares of the company’s stock, valued at $1,191,336. This represents a 23.98% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 2,198,000 shares of company stock valued at $2,266,100 in the last 90 days. 15.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On American Bitcoin

Several large investors have recently bought and sold shares of the stock. HUB Investment Partners LLC acquired a new position in shares of American Bitcoin in the 2nd quarter valued at $114,000. Moore Capital Management LP acquired a new position in shares of American Bitcoin in the 2nd quarter valued at $88,000. Tidal Investments LLC acquired a new stake in shares of American Bitcoin during the second quarter worth about $87,000. Vident Advisory LLC acquired a new stake in shares of American Bitcoin during the second quarter worth about $965,000. Finally, Moloney Securities Asset Management LLC acquired a new stake in shares of American Bitcoin during the third quarter worth about $178,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

American Bitcoin Company Profile

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