American Bitcoin (NASDAQ:ABTC) Stock Price Down 6% – Should You Sell?

American Bitcoin Corp. (NASDAQ:ABTC) was down 6% during trading on Thursday . The company traded as low as $0.7001 and last traded at $0.6960. Approximately 1,752,273 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 13,772,293 shares. The stock had previously closed at $0.7407.

Wall Street Analyst Weigh In

Several brokerages recently commented on ABTC. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $4.00.

American Bitcoin Price Performance

The stock has a market cap of $763.24 million, a P/E ratio of -1.44 and a beta of 3.76. The business’s 50 day simple moving average is $1.04 and its 200 day simple moving average is $1.24.

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

Institutional Trading of American Bitcoin

Institutional investors have recently bought and sold shares of the stock. HUB Investment Partners LLC bought a new stake in American Bitcoin in the second quarter valued at $114,000. Moore Capital Management LP bought a new position in shares of American Bitcoin during the second quarter valued at $88,000. Tidal Investments LLC bought a new position in shares of American Bitcoin during the second quarter valued at $87,000. Vident Advisory LLC acquired a new stake in shares of American Bitcoin in the 2nd quarter valued at $965,000. Finally, JPMorgan Chase & Co. acquired a new stake in shares of American Bitcoin in the 3rd quarter valued at $192,000. 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.