American Bitcoin (NASDAQ:ABTC) Rating Increased to Strong-Buy at BTIG Research

American Bitcoin (NASDAQ:ABTC) was upgraded by research analysts at BTIG Research to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

Other equities analysts have also recently issued reports about the company. Weiss Ratings reiterated 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 shares of American Bitcoin and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen cut shares of American Bitcoin from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, American Bitcoin presently has a consensus rating of “Moderate Buy” and an average price target of $37.50.

American Bitcoin Stock Performance

ABTC stock opened at $8.14 on Wednesday. The stock’s 50 day simple moving average is $7.03 and its 200 day simple moving average is $11.96. American Bitcoin has a fifty-two week low of $4.92 and a fifty-two week high of $120.75. The company has a market cap of $592.75 million, a P/E ratio of -2.67 and a beta of 3.92.

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

Insider Transactions at American Bitcoin

In related news, Director Justin Mateen purchased 162,438 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the transaction, the director owned 492,297 shares of the company’s stock, valued at $3,047,318.43. This represents a 49.24% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its position in American Bitcoin by 44.8% in the second quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company’s stock worth $34,000 after purchasing an additional 15,321 shares during the last quarter. Forty three Eighteen Advisors LLC purchased a new stake in shares of American Bitcoin during the 4th quarter valued at $34,000. J. Derek Lewis & Associates Inc. bought a new stake in shares of American Bitcoin during the 4th quarter worth $39,000. Marathon Trading Investment Management LLC purchased a new position in shares of American Bitcoin in the 4th quarter worth about $67,000. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of American Bitcoin in the 1st quarter worth about $37,000. 10.21% of the stock is owned by institutional investors.

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.