American Bitcoin (NASDAQ:ABTC) Trading Down 7.5% – Should You Sell?

Shares of American Bitcoin Corp. (NASDAQ:ABTC) were down 7.5% during trading on Monday . The company traded as low as $1.05 and last traded at $1.0450. Approximately 3,159,527 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 13,858,680 shares. The stock had previously closed at $1.13.

Analyst Upgrades and Downgrades

A number of equities analysts have commented 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. HC Wainwright started coverage on American Bitcoin in a research note on Monday, February 2nd. They issued a “buy” rating and a $4.00 target price for the company. Finally, Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.00.

American Bitcoin Price Performance

The stock has a fifty day moving average price of $1.07 and a two-hundred day moving average price of $1.68. The company has a market cap of $1.17 billion, a P/E ratio of -2.21 and a beta of 3.76.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.08) earnings per share 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 the consensus estimate of $74.85 million. American Bitcoin had a negative net margin of 69.42% and a negative return on equity of 29.72%. As a group, analysts forecast that American Bitcoin Corp. will post 0.01 earnings per share for the current year.

Insider Buying and Selling

In other American Bitcoin news, Director Richard Busch purchased 68,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were bought at an average price of $1.15 per share, with a total value of $78,200.00. Following the completion of the acquisition, the director owned 1,398,975 shares in the company, valued at approximately $1,608,821.25. This represents a 5.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justin Mateen purchased 1,800,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were acquired at an average cost of $1.03 per share, for a total transaction of $1,854,000.00. Following the acquisition, the director owned 2,524,975 shares of the company’s stock, valued at approximately $2,600,724.25. The trade was a 248.28% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have bought 2,198,000 shares of company stock worth $2,266,100. Corporate insiders own 2.57% of the company’s stock.

Institutional Investors Weigh In On American Bitcoin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABTC. HUB Investment Partners LLC bought a new stake in American Bitcoin during the second quarter worth approximately $114,000. Moore Capital Management LP bought a new stake in American Bitcoin during the second quarter worth approximately $88,000. Tidal Investments LLC bought a new stake in American Bitcoin during the second quarter worth approximately $87,000. Vident Advisory LLC bought a new stake in American Bitcoin during the second quarter worth approximately $965,000. Finally, Moloney Securities Asset Management LLC bought a new stake in American Bitcoin during the third quarter worth approximately $178,000. Institutional investors 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.