American Bitcoin (NASDAQ:ABTC) Hits New 52-Week Low – Time to Sell?

Shares of American Bitcoin Corp. (NASDAQ:ABTC) hit a new 52-week low on Monday . The stock traded as low as $8.20 and last traded at $7.5950, with a volume of 591 shares traded. The stock had previously closed at $8.4255.

Analysts Set New Price Targets

A number of equities research analysts have commented on ABTC shares. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Zacks Research upgraded shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Two investment 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, the company has an average rating of “Hold” and an average price target of $4.00.

American Bitcoin Price Performance

The stock has a market cap of $8.54 billion, a PE ratio of -16.20 and a beta of 3.81. The company’s fifty day moving average is $0.97 and its 200-day moving average is $1.19.

American Bitcoin (NASDAQ:ABTC) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.08) 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 analysts’ expectations of $74.85 million. American Bitcoin had a negative net margin of 69.42% and a negative return on equity of 29.72%.

Institutional Trading of American Bitcoin

Several hedge funds and other institutional investors have recently bought and sold shares of ABTC. Bank of America Corp DE purchased a new position in American Bitcoin during the third quarter valued at approximately $61,000. NewEdge Advisors LLC acquired a new stake in shares of American Bitcoin during the 3rd quarter worth approximately $71,000. Dimensional Fund Advisors LP purchased a new position in shares of American Bitcoin during the 3rd quarter valued at approximately $95,000. Integrated Wealth Concepts LLC acquired a new position in shares of American Bitcoin in the 3rd quarter valued at $95,000. Finally, CWM LLC boosted its holdings in American Bitcoin by 1,031.4% during the fourth quarter. CWM LLC now owns 17,062 shares of the company’s stock worth $29,000 after buying an additional 15,554 shares in the last quarter. 10.21% of the stock is owned by institutional investors and hedge funds.

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.