American Bitcoin (NASDAQ:ABTC) Stock Keeps Buy Rating at HC Wainwright

Key Points

• HC Wainwright reaffirmed its “buy” rating on American Bitcoin with a $22 price target, implying 184.61% upside from the prior close. The analyst consensus is “Moderate Buy,” with a $28 target.
• American Bitcoin shares opened at $7.73, while the company reported a quarterly loss of $0.80 per share, $67.01 million in revenue, and a negative net margin of 71.75%.
• Director Justin Mateen purchased 162,438 shares for approximately $1.01 million, increasing his position by 49.24%; hedge funds and institutional investors own 10.21% of the stock.

American Bitcoin (NASDAQ:ABTC - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at HC Wainwright in a research note issued on Monday, Benzinga reports. They presently have a $22.00 price target on the stock. HC Wainwright's target price points to a potential upside of 184.61% from the stock's previous close.

A number of other equities research analysts also recently commented on ABTC. BTIG Research started coverage on American Bitcoin in a report on Wednesday, September 16th. They issued a "buy" rating and a $15.00 target price for the company. Maxim Group set a $15.00 target price on shares of American Bitcoin and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Weiss Ratings reaffirmed a "sell (d)" rating on shares of American Bitcoin in a research note on Monday, September 21st. Finally, Wall Street Zen cut shares of American Bitcoin from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.00.

American Bitcoin Price Performance

Shares of NASDAQ:ABTC opened at $7.73 on Monday. The stock has a market cap of $562.90 million, a P/E ratio of -2.54 and a beta of 3.96. The firm has a fifty day moving average price of $8.12 and a 200 day moving average price of $11.13. American Bitcoin has a 1-year low of $4.92 and a 1-year high of $98.85.

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

Insider Buying and Selling at American Bitcoin

In other news, Director Justin Mateen purchased 162,438 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the acquisition, the director directly owned 492,297 shares in the company, valued at approximately $3,047,318.43. The trade was a 49.24% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On American Bitcoin

Several hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC grew its holdings in American Bitcoin by 44.8% in the second quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company's stock valued at $34,000 after purchasing an additional 15,321 shares during the last quarter. Kingsbury Capital Investment Advisors LLC increased its position in shares of American Bitcoin by 142.1% in the second quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company's stock valued at $1,629,000 after buying an additional 1,403,547 shares in the last quarter. PCG Wealth Advisors LLC increased its position in shares of American Bitcoin by 78.2% in the second quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company's stock valued at $833,000 after buying an additional 536,325 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of American Bitcoin during the 2nd quarter worth $273,000. Finally, Maripau Wealth Management LLC acquired a new position in shares of American Bitcoin during the 1st quarter worth $38,000. 10.21% of the stock is owned by hedge funds and other institutional investors.

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.

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