American Bitcoin (NASDAQ:ABTC) Stock Price Up 9.4% – Here’s What Happened

American Bitcoin Corp. (NASDAQ:ABTC) shot up 9.4% on Monday . The company traded as high as $0.9449 and last traded at $0.9440. 5,730,962 shares were traded during trading, a decline of 59% from the average session volume of 13,835,678 shares. The stock had previously closed at $0.8631.

Wall Street Analyst Weigh In

Several analysts have issued reports on ABTC shares. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Friday, March 27th. Two equities research 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, the company currently has a consensus rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Stock Up 7.4%

The firm has a 50 day simple moving average of $1.07 and a 200-day simple moving average of $1.54. The stock has a market cap of $985.41 million, a P/E ratio of -1.86 and a beta of 3.76.

American Bitcoin (NASDAQ:ABTC) last posted its earnings results on Wednesday, May 6th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.09). American Bitcoin had a negative net margin of 69.42% and a negative return on equity of 29.72%. The firm had revenue of $62.12 million during the quarter, compared to analyst estimates of $74.85 million. On average, equities analysts anticipate that American Bitcoin Corp. will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On American Bitcoin

Institutional investors and hedge funds have recently made changes to their positions in the company. United Capital Management of KS Inc. acquired a new position in shares of American Bitcoin in the third quarter valued at approximately $4,886,000. Moloney Securities Asset Management LLC acquired a new position in shares of American Bitcoin in the third quarter valued at approximately $178,000. SCS Capital Management LLC acquired a new position in shares of American Bitcoin in the fourth quarter valued at approximately $191,000. Foundations Investment Advisors LLC acquired a new position in shares of American Bitcoin in the fourth quarter valued at approximately $221,000. Finally, Principle Wealth Partners LLC acquired a new position in shares of American Bitcoin in the fourth quarter valued at approximately $85,000. 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.