American Bitcoin (NASDAQ:ABTC) Trading Down 12.1% – What’s Next?

American Bitcoin Corp. (NASDAQ:ABTC)’s share price was down 12.1% during mid-day trading on Tuesday . The stock traded as low as $7.77 and last traded at $7.4660. Approximately 198,715 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 970,915 shares. The stock had previously closed at $8.49.

Analysts Set New Price Targets

ABTC has been the topic of several research reports. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, American Bitcoin has a consensus rating of “Hold” and an average target price of $60.00.

American Bitcoin Stock Performance

The company’s 50-day moving average is $1.12 and its 200-day moving average is $1.24. The firm has a market cap of $7.56 billion, a price-to-earnings ratio of -14.27 and a beta of 3.81.

American Bitcoin (NASDAQ:ABTC) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($1.35). The firm had revenue of $62.12 million during the quarter, compared to the consensus estimate of $74.85 million. American Bitcoin had a negative net margin of 69.42% and a negative return on equity of 29.72%.

Institutional Trading of American Bitcoin

A number of institutional investors have recently bought and sold shares of the business. Bank of America Corp DE acquired a new stake in American Bitcoin in the third quarter worth $61,000. NewEdge Advisors LLC bought a new position in American Bitcoin in the third quarter valued at approximately $71,000. Dimensional Fund Advisors LP bought a new stake in American Bitcoin in the 3rd quarter valued at $95,000. Integrated Wealth Concepts LLC acquired a new position in shares of American Bitcoin during the third quarter worth about $95,000. Finally, CWM LLC lifted its stake in American Bitcoin by 1,031.4% in the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock valued at $29,000 after acquiring an additional 15,554 shares in the last quarter. 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.