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

BTIG Research upgraded shares of American Bitcoin (NASDAQ:ABTC) to a strong-buy rating in a research report released on Wednesday,Zacks reports.

A number of other equities analysts have also recently issued reports on ABTC. Maxim Group set a $15.00 target price on American Bitcoin and gave the stock a “buy” rating in a report on Tuesday, July 21st. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Finally, Wall Street Zen downgraded American Bitcoin from a “hold” rating to a “sell” rating in a research note 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 issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.50.

American Bitcoin Stock Performance

NASDAQ ABTC opened at $8.14 on Wednesday. The firm’s fifty day moving average price is $7.03 and its two-hundred day moving average price is $11.96. The stock has a market cap of $592.75 million, a PE ratio of -2.67 and a beta of 3.92. American Bitcoin has a fifty-two week low of $4.92 and a fifty-two week high of $120.75.

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

Insider Transactions at American Bitcoin

In related news, Director Justin Mateen purchased 162,438 shares of American Bitcoin stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the transaction, the director owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. This represents a 49.24% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.57% of the stock is currently owned by corporate insiders.

Institutional Trading of American Bitcoin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABTC. Spartan Wealth Advisory Services LLC bought a new position in American Bitcoin during the first quarter worth $160,000. Procyon Advisors LLC raised its holdings in shares of American Bitcoin by 310.1% during the first quarter. Procyon Advisors LLC now owns 103,500 shares of the company’s stock valued at $96,000 after purchasing an additional 78,264 shares during the period. Hunter Associates Investment Management LLC acquired a new position in shares of American Bitcoin during the first quarter valued at about $117,000. J. Derek Lewis & Associates Inc. bought a new position in shares of American Bitcoin during the 4th quarter worth about $39,000. Finally, Forty three Eighteen Advisors LLC bought a new position in shares of American Bitcoin during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

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.