American Bitcoin (NASDAQ:ABTC) Stock Price Up 9.4% – Here’s What Happened

American Bitcoin Corp. (NASDAQ:ABTC)’s share price rose 9.4% during trading on Monday . The company traded as high as $0.9449 and last traded at $0.9440. Approximately 5,730,962 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 13,835,678 shares. The stock had previously closed at $0.8631.

Wall Street Analyst Weigh In

ABTC has been the topic of a number of research reports. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.00.

American Bitcoin Stock Up 7.4%

The firm has a market cap of $985.41 million, a P/E ratio of -1.86 and a beta of 3.76. The firm has a fifty day moving average of $1.07 and a 200-day moving average of $1.54.

American Bitcoin (NASDAQ:ABTC) last released its earnings results on Wednesday, May 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $62.12 million for the quarter, compared to the consensus estimate of $74.85 million. On average, equities analysts forecast that American Bitcoin Corp. will post 0.01 EPS for the current year.

Institutional Trading of American Bitcoin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE bought a new stake in American Bitcoin during the third quarter worth about $61,000. NewEdge Advisors LLC bought a new stake in American Bitcoin during the third quarter worth about $71,000. Dimensional Fund Advisors LP bought a new stake in American Bitcoin during the third quarter worth about $95,000. Integrated Wealth Concepts LLC bought a new stake in American Bitcoin during the third quarter worth about $95,000. Finally, CWM LLC raised its holdings in American Bitcoin by 1,031.4% during the fourth quarter. CWM LLC now owns 17,062 shares of the company’s stock worth $29,000 after acquiring an additional 15,554 shares in the last quarter. Institutional investors 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.