American Bitcoin (NASDAQ:ABTC) Trading Down 6.8% – Time to Sell?

American Bitcoin Corp. (NASDAQ:ABTC) shares fell 6.8% on Monday . The stock traded as low as $1.03 and last traded at $1.0350. 3,006,813 shares traded hands during trading, a decline of 79% from the average session volume of 14,174,562 shares. The stock had previously closed at $1.11.

Analyst Ratings Changes

Several brokerages have recently weighed in on ABTC. Zacks Research upgraded shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. HC Wainwright began coverage on shares of American Bitcoin in a research note on Monday, February 2nd. They set a “buy” rating and a $4.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, American Bitcoin has an average rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Stock Performance

The company has a market cap of $1.09 billion, a price-to-earnings ratio of -2.05 and a beta of 3.80. The company has a 50-day simple moving average of $1.07 and a 200-day simple moving average of $1.95.

American Bitcoin (NASDAQ:ABTC) last issued its earnings results on Wednesday, May 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). The business had revenue of $62.12 million for the quarter, compared to analysts’ expectations of $74.85 million. American Bitcoin had a negative return on equity of 29.72% and a negative net margin of 69.42%. As a group, equities research analysts forecast that American Bitcoin Corp. will post 0.01 EPS for the current year.

Insider Buying and Selling

In other American Bitcoin news, Director Justin Mateen bought 1,800,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was acquired at an average cost of $1.03 per share, with a total value of $1,854,000.00. Following the purchase, the director owned 2,524,975 shares in the company, valued at approximately $2,600,724.25. This represents a 248.28% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard Busch bought 240,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were acquired at an average cost of $0.96 per share, with a total value of $230,400.00. Following the completion of the purchase, the director owned 1,240,975 shares in the company, valued at approximately $1,191,336. This represents a 23.98% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 2,198,000 shares of company stock valued at $2,266,100. Company insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

Institutional investors and hedge funds have recently made changes to their positions in the stock. Solari Capital Management LLC purchased a new stake in shares of American Bitcoin during the 3rd quarter worth approximately $317,612,000. Charles Schwab Investment Management Inc. purchased a new position in American Bitcoin in the 4th quarter valued at approximately $5,285,000. Providence Capital Advisors LLC purchased a new position in American Bitcoin in the 4th quarter valued at approximately $4,244,000. State Street Corp increased its stake in American Bitcoin by 3,933.2% in the 4th 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 in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in American Bitcoin in the 1st quarter valued at approximately $1,589,000. 10.21% of the stock is 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.