American Bitcoin (NASDAQ:ABTC) Stock Price Down 12.1% – What’s Next?

American Bitcoin Corp. (NASDAQ:ABTC) was down 12.1% during mid-day trading on Tuesday . The stock traded as low as $7.77 and last traded at $7.4660. 198,715 shares changed hands during trading, a decline of 80% from the average daily volume of 970,915 shares. The stock had previously closed at $8.49.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ABTC shares. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $60.00.

American Bitcoin Stock Performance

The firm has a market capitalization of $415.47 million, a P/E ratio of -0.78 and a beta of 3.81. The business has a fifty day moving average of $13.77 and a 200-day moving average of $17.49.

American Bitcoin (NASDAQ:ABTC) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($1.35). The company 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%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Solari Capital Management LLC acquired a new stake in American Bitcoin in the third quarter worth approximately $317,612,000. Charles Schwab Investment Management Inc. acquired a new position in shares of American Bitcoin during the 4th quarter valued at $5,285,000. Providence Capital Advisors LLC bought a new stake in shares of American Bitcoin in the 4th quarter worth $4,244,000. State Street Corp raised its stake in shares of American Bitcoin by 3,933.2% in the 4th quarter. State Street Corp now owns 2,392,690 shares of the company’s stock worth $4,068,000 after buying an additional 2,333,365 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in American Bitcoin during the first quarter valued at about $1,589,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

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.