American Bitcoin (NASDAQ:ABTC) Trading Up 9.8% - Time to Buy?

Key Points

• American Bitcoin shares rose 9.8% to $7.61, although trading volume was 63% below the average daily level.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one Hold and one Sell, resulting in a consensus Hold rating despite a reported $45 price target.
• The company remains unprofitable, reporting a quarterly loss of $0.80 per share, a negative net margin of 71.75% and negative return on equity; however, director Justin Mateen purchased roughly $1.0 million of shares.

Shares of American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) were up 9.8% on Thursday . The company traded as high as $7.63 and last traded at $7.6070. 398,433 shares traded hands during trading, a decline of 63% from the average daily volume of 1,076,741 shares. The stock had previously closed at $6.93.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ABTC. Weiss Ratings reiterated a "sell (d)" rating on shares of American Bitcoin in a report on Wednesday, June 24th. Wall Street Zen downgraded shares of American Bitcoin from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Zacks Research upgraded shares of American Bitcoin from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Finally, Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a "buy" rating in a research report on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, American Bitcoin presently has a consensus rating of "Hold" and a consensus price target of $45.00.

American Bitcoin Stock Performance

The firm has a market cap of $531.95 million, a PE ratio of -2.40 and a beta of 3.86. The stock has a 50-day simple moving average of $8.40 and a two-hundred day simple moving average of $13.82.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%.The company had revenue of $67.01 million during the quarter.

Insiders Place Their Bets

In other news, Director Justin Mateen acquired 162,438 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the transaction, the director directly owned 492,297 shares of the company's stock, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On American Bitcoin

Several large investors have recently made changes to their positions in ABTC. J. Derek Lewis & Associates Inc. acquired a new position in shares of American Bitcoin during the fourth quarter valued at about $39,000. Forty three Eighteen Advisors LLC acquired a new stake in American Bitcoin in the 4th quarter worth approximately $34,000. Caitong International Asset Management Co. Ltd grew its position in American Bitcoin by 2,180,227.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company's stock worth $815,000 after purchasing an additional 479,650 shares during the last quarter. Aristides Capital LLC purchased a new stake in American Bitcoin during the 4th quarter worth approximately $200,000. Finally, Marathon Trading Investment Management LLC acquired a new position in American Bitcoin during the 4th quarter valued at approximately $67,000. 10.21% of the stock is owned by institutional investors.

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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