American Bitcoin (NASDAQ:ABTC) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of American Bitcoin (NASDAQ:ABTC) from a hold rating to a sell rating in a research report released on Saturday.

A number of other brokerages have also commented on ABTC. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a report on Wednesday, June 24th. Maxim Group set a $15.00 price objective on American Bitcoin and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, American Bitcoin has an average rating of “Hold” and a consensus target price of $45.00.

American Bitcoin Trading Up 4.5%

ABTC opened at $6.47 on Friday. The stock has a market capitalization of $471.15 million, a P/E ratio of -2.12 and a beta of 3.86. American Bitcoin has a 12 month low of $4.92 and a 12 month high of $217.80. The firm’s fifty day simple moving average is $8.88 and its 200 day simple moving average is $14.24.

American Bitcoin (NASDAQ:ABTC) last released its earnings results on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) for the quarter. The firm had revenue of $67.01 million for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%.

Insiders Place Their Bets

In other American Bitcoin news, Director Justin Mateen bought 162,438 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was 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 in the company, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

Large investors have recently modified their holdings of the business. Solari Capital Management LLC bought a new position in shares of American Bitcoin in the 3rd quarter valued at about $317,612,000. Charles Schwab Investment Management Inc. bought a new stake in American Bitcoin during the fourth quarter worth about $5,285,000. Providence Capital Advisors LLC bought a new stake in American Bitcoin during the fourth quarter worth about $4,244,000. State Street Corp boosted its position in American Bitcoin by 3,933.2% during the fourth quarter. State Street Corp now owns 2,392,690 shares of the company’s stock valued at $4,068,000 after purchasing an additional 2,333,365 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in American Bitcoin during the first quarter valued at approximately $1,589,000. 10.21% of the stock is currently owned by institutional investors and hedge funds.

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.