American Bitcoin Corp. (NASDAQ:ABTC) Short Interest Up 144.1% in June

Key Points

• Short interest surged 144.1% in June, rising to 25.69 million shares as of June 30, with about 37.2% of the float sold short.
• ABTC stock fell 13.9% to $5.28, near its 12-month low, and remains well below its 50-day and 200-day moving averages.
• The company’s latest earnings showed a miss on both EPS and revenue, reporting a loss of $1.20 per share versus a $0.15 estimate and $62.12 million in revenue versus $74.85 million expected.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 25,690,064 shares, a growth of 144.1% from the June 15th total of 10,525,932 shares. Approximately 37.2% of the shares of the stock are sold short. Based on an average daily volume of 13,208,515 shares, the short-interest ratio is currently 1.9 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Solari Capital Management LLC bought a new stake in American Bitcoin during the third quarter worth approximately $317,612,000. Charles Schwab Investment Management Inc. bought a new stake in shares of American Bitcoin in the 4th quarter valued at approximately $5,285,000. Providence Capital Advisors LLC purchased a new position in shares of American Bitcoin in the 4th quarter worth approximately $4,244,000. State Street Corp boosted its holdings 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 purchasing an additional 2,333,365 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of American Bitcoin during the 1st quarter valued at approximately $1,589,000. Hedge funds and other institutional investors own 10.21% of the company's stock.

American Bitcoin Trading Down 13.9%

Shares of ABTC stock opened at $5.28 on Tuesday. American Bitcoin has a 12-month low of $5.25 and a 12-month high of $217.80. The stock's 50-day moving average price is $13.08 and its 200-day moving average price is $17.02. The stock has a market capitalization of $374.35 million, a price-to-earnings ratio of -0.70 and a beta of 3.81.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.20) earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $74.85 million.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Zacks Research raised American Bitcoin from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Two equities 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 company. According to MarketBeat.com, American Bitcoin has a consensus rating of "Hold" and an average target price of $60.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.