American Bitcoin (NASDAQ:ABTC) Stock Rating Raised to “Hold” at Zacks Research

American Bitcoin (NASDAQ:ABTC) was upgraded by analysts at Zacks Research to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

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

American Bitcoin Stock Performance

ABTC stock opened at $7.65 on Tuesday. The company’s fifty day moving average price is $8.24 and its 200-day moving average price is $11.00. American Bitcoin has a one year low of $4.92 and a one year high of $97.20. The company has a market capitalization of $557.07 million, a PE ratio of -2.51 and a beta of 3.96.

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

Insiders Place Their Bets

In other news, Director Justin Mateen acquired 162,438 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were acquired at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the transaction, the director directly owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. The trade was a 49.24% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On American Bitcoin

Hedge funds and other institutional investors have recently modified their holdings of the business. Forty three Eighteen Advisors LLC purchased a new stake in American Bitcoin in the fourth quarter worth $34,000. Integrated Wealth Concepts LLC raised its position in American Bitcoin by 44.8% during 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 in the last quarter. EverSource Wealth Advisors LLC bought a new stake in American Bitcoin during the 1st quarter valued at $37,000. Maripau Wealth Management LLC bought a new stake in American Bitcoin during the 1st quarter valued at $38,000. Finally, J. Derek Lewis & Associates Inc. purchased a new stake in shares of American Bitcoin in the 4th quarter worth $39,000. 10.21% of the stock is currently owned by hedge funds and other institutional investors.

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.