American Bitcoin (NASDAQ:ABTC) Upgraded by BTIG Research to Strong-Buy Rating

Key Points

• BTIG Research upgraded American Bitcoin to a “strong-buy” rating, while broader analyst coverage remains mixed; MarketBeat reports a consensus “Moderate Buy” rating and a $37.50 price target.
• American Bitcoin shares opened at $8.14 and have traded between $4.92 and $120.75 over the past year. The company reported a quarterly loss of $0.80 per share on $67.01 million in revenue, with a negative net margin of 71.75%.
• Director Justin Mateen purchased 162,438 shares for approximately $1.01 million, increasing his stake by 49.24%; institutional investors own 10.21% of the company.

American Bitcoin (NASDAQ:ABTC - Get Free Report) was upgraded by equities researchers at BTIG Research to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Several other analysts have also recently weighed in on the stock. Wall Street Zen cut shares of American Bitcoin from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of American Bitcoin in a report on Wednesday, June 24th. Finally, Maxim Group set a $15.00 price target on American Bitcoin and gave the company a "buy" rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, American Bitcoin currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.50.

American Bitcoin Trading Up 1.9%

American Bitcoin stock opened at $8.14 on Wednesday. The stock has a 50-day moving average price of $7.03 and a two-hundred day moving average price of $11.96. American Bitcoin has a 12 month low of $4.92 and a 12 month high of $120.75. The company has a market capitalization of $592.75 million, a PE ratio of -2.67 and a beta of 3.92.

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

Insider Activity at American Bitcoin

In other news, Director Justin Mateen acquired 162,438 shares of American Bitcoin stock in a transaction dated Thursday, August 6th. The shares were bought at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the purchase, the director owned 492,297 shares in the company, valued at $3,047,318.43. This trade represents a 49.24% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.57% of the company's stock.

Institutional Trading of American Bitcoin

Institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new position in American Bitcoin in the first quarter valued at approximately $1,589,000. Kingsbury Capital Investment Advisors LLC grew its position in shares of American Bitcoin by 142.1% during the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company's stock worth $1,629,000 after buying an additional 1,403,547 shares during the period. PNC Financial Services Group Inc. grew its position in shares of American Bitcoin by 54,246.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 874,972 shares of the company's stock worth $808,000 after buying an additional 873,362 shares during the period. PCG Wealth Advisors LLC increased its stake in shares of American Bitcoin by 78.2% in the 2nd quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company's stock valued at $833,000 after acquiring an additional 536,325 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of 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 valued at $815,000 after acquiring an additional 479,650 shares during the period. Institutional investors own 10.21% of the company's stock.

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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