American Bitcoin (NASDAQ:ABTC) Stock Price Down 6.4% – Time to Sell?

American Bitcoin Corp. (NASDAQ:ABTC) fell 6.4% during trading on Friday. The company traded as low as $9.08 and last traded at $8.9860. 196,102 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,211,045 shares. The stock had previously closed at $9.60.

Wall Street Analyst Weigh In

ABTC has been the topic of several research reports. BTIG Research assumed coverage on American Bitcoin in a report on Wednesday, September 16th. They set a “buy” rating and a $15.00 price objective on the stock. Wall Street Zen cut American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Maxim Group set a $15.00 price target on American Bitcoin and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research report on Monday. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.50.

American Bitcoin Stock Performance

The company has a market capitalization of $661.28 million, a price-to-earnings ratio of -2.97 and a beta of 3.92. The stock’s 50-day moving average price is $7.54 and its 200-day moving average price is $11.69.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings data 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.

Insider Activity at American Bitcoin

In related news, Director Justin Mateen acquired 162,438 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was 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 in the company, valued at $3,047,318.43. This trade represents a 49.24% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On American Bitcoin

Several hedge funds have recently modified their holdings of ABTC. Integrated Wealth Concepts LLC increased its stake in American Bitcoin by 44.8% in the second 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. Kingsbury Capital Investment Advisors LLC lifted its holdings in shares of American Bitcoin by 142.1% during the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock worth $1,629,000 after acquiring an additional 1,403,547 shares during the period. PCG Wealth Advisors LLC lifted its holdings in shares of American Bitcoin by 78.2% during the 2nd quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company’s stock worth $833,000 after acquiring an additional 536,325 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of American Bitcoin in the second quarter worth approximately $273,000. Finally, Maripau Wealth Management LLC acquired a new position in American Bitcoin during the first quarter worth approximately $38,000. 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.