American Bitcoin (NASDAQ:ABTC) Raised to Hold at Zacks Research

American Bitcoin (NASDAQ:ABTC) was upgraded by equities researchers at Zacks Research to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Several other equities research analysts also recently issued reports on ABTC. HC Wainwright began coverage on American Bitcoin in a research note on Monday. They issued a “buy” rating and a $22.00 price objective for the company. Wall Street Zen cut American Bitcoin from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Maxim Group set a $16.00 target price on American Bitcoin and gave the company a “buy” rating in a report on Monday. BTIG Research initiated coverage on American Bitcoin in a report on Wednesday, September 16th. They issued a “buy” rating and a $15.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research report on Monday, September 21st. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.25.

American Bitcoin Stock Performance

American Bitcoin stock opened at $7.65 on Tuesday. American Bitcoin has a 52 week low of $4.92 and a 52 week high of $97.20. The firm has a market capitalization of $557.07 million, a price-to-earnings ratio of -2.51 and a beta of 3.96. The company has a 50 day moving average price of $8.24 and a 200 day moving average price of $11.00.

American Bitcoin (NASDAQ:ABTC) last issued its earnings results on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%. The business had revenue of $67.01 million during the quarter. Equities analysts forecast that American Bitcoin will post 1.24 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Justin Mateen acquired 162,438 shares of American Bitcoin stock in a transaction that occurred on Thursday, August 6th. The stock was purchased 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Forty three Eighteen Advisors LLC acquired a new position in shares of American Bitcoin during the 4th quarter worth $34,000. Integrated Wealth Concepts LLC lifted its stake in shares of American Bitcoin by 44.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company’s stock valued at $34,000 after purchasing an additional 15,321 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in American Bitcoin in the first quarter worth $37,000. Maripau Wealth Management LLC bought a new stake in American Bitcoin in the first quarter worth $38,000. Finally, J. Derek Lewis & Associates Inc. bought a new position in American Bitcoin during the fourth quarter valued at about $39,000. 10.21% of the stock is owned by institutional investors and hedge funds.

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.