American Bitcoin (NASDAQ:ABTC) Shares Down 6.8% – Here’s Why

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price fell 6.8% during trading on Monday . The stock traded as low as $1.03 and last traded at $1.0350. 3,006,813 shares were traded during trading, a decline of 79% from the average session volume of 14,174,562 shares. The stock had previously closed at $1.11.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ABTC shares. HC Wainwright began coverage on shares of American Bitcoin in a report on Monday, February 2nd. They issued a “buy” rating and a $4.00 price target on the stock. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a report on Friday, March 27th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Stock Performance

The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -2.04 and a beta of 3.80. The stock’s fifty day simple moving average is $1.07 and its two-hundred day simple moving average is $1.89.

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

Insider Activity

In related news, Director Richard Busch bought 240,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was bought at an average price of $0.96 per share, with a total value of $230,400.00. Following the purchase, the director directly owned 1,240,975 shares of the company’s stock, valued at approximately $1,191,336. This represents a 23.98% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Justin Mateen acquired 1,800,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were purchased at an average price of $1.03 per share, with a total value of $1,854,000.00. Following the completion of the acquisition, the director owned 2,524,975 shares of the company’s stock, valued at $2,600,724.25. This represents a 248.28% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 2,198,000 shares of company stock valued at $2,266,100. Corporate insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new position in shares of American Bitcoin during the 3rd quarter worth $61,000. NewEdge Advisors LLC bought a new position in shares of American Bitcoin in the third quarter worth about $71,000. Dimensional Fund Advisors LP bought a new position in American Bitcoin in the 3rd quarter worth approximately $95,000. Integrated Wealth Concepts LLC bought a new position in shares of American Bitcoin during the 3rd quarter worth about $95,000. Finally, CWM LLC increased its stake in American Bitcoin by 1,031.4% during the fourth quarter. CWM LLC now owns 17,062 shares of the company’s stock valued at $29,000 after acquiring an additional 15,554 shares during the period. 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.