American Bitcoin Corp. (NASDAQ:ABTC) Short Interest Down 90.5% in July

Key Points

• Short interest in American Bitcoin Corp. plunged 90.5% in July, falling to 2,428,366 shares as of July 15 from 25,690,064 at the end of June. That represents about 3.5% of shares sold short and a low 0.9-day days-to-cover ratio.
• The stock fell 6.2% on Friday to $5.72, near its 52-week low of $5.04. American Bitcoin also remains far below its 50-day and 200-day moving averages.
• Recent fundamentals have been weak, with the company reporting a larger-than-expected quarterly loss of $1.20 per share and revenue of $62.12 million versus estimates of $74.85 million. Analysts currently have a mixed view, with an overall average rating of “Hold.”

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) was the recipient of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totaling 2,428,366 shares, a decrease of 90.5% from the June 30th total of 25,690,064 shares. Approximately 3.5% of the shares of the stock are sold short. Based on an average trading volume of 2,619,600 shares, the days-to-cover ratio is presently 0.9 days.

Institutional Investors Weigh In On American Bitcoin

A number of hedge funds have recently made changes to their positions in ABTC. Spartan Wealth Advisory Services LLC purchased a new stake in American Bitcoin during the first quarter valued at about $160,000. Procyon Advisors LLC increased its stake in shares of American Bitcoin by 310.1% in the first quarter. Procyon Advisors LLC now owns 103,500 shares of the company's stock worth $96,000 after purchasing an additional 78,264 shares in the last quarter. Hunter Associates Investment Management LLC purchased a new position in shares of American Bitcoin in the first quarter worth about $117,000. Forty three Eighteen Advisors LLC bought a new stake in shares of American Bitcoin in the fourth quarter valued at approximately $34,000. Finally, Aristides Capital LLC bought a new stake in shares of American Bitcoin in the fourth quarter valued at approximately $200,000. 10.21% of the stock is currently owned by institutional investors.

American Bitcoin Stock Down 6.2%

ABTC traded down $0.38 during trading on Friday, hitting $5.72. The company's stock had a trading volume of 1,412,926 shares, compared to its average volume of 1,059,176. American Bitcoin has a twelve month low of $5.04 and a twelve month high of $217.80. The stock's fifty day moving average price is $11.17 and its 200-day moving average price is $15.83. The firm has a market capitalization of $405.55 million, a P/E ratio of -0.76 and a beta of 3.81.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last posted its quarterly earnings results 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). American Bitcoin had a negative return on equity of 29.72% and a negative net margin of 69.42%.The firm had revenue of $62.12 million for the quarter, compared to analyst estimates of $74.85 million.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a "buy" rating in a report on Tuesday. Zacks Research raised shares of American Bitcoin from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $45.00.

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.

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