Zacks Research Upgrades American Bitcoin (NASDAQ:ABTC) to "Hold"

Key Points

• Zacks Research upgraded American Bitcoin to a “Hold” rating, while overall analyst sentiment remains “Moderate Buy,” with four Buy, one Hold, and one Sell rating and an average price target of $28.25.
• ABTC shares opened at $7.65 and were down 11.7%, well below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.80 per share on $67.01 million in revenue.
• Director Justin Mateen purchased 162,438 shares for roughly $1.0 million, increasing his stake by 49.24%; insiders own 2.57% of the company, while institutions hold 10.21%.

American Bitcoin (NASDAQ:ABTC - Get Free Report) was upgraded by investment analysts at Zacks Research to a "hold" rating in a note issued to investors on Tuesday, Zacks reports.

Other analysts also recently issued reports about the stock. Maxim Group set a $16.00 price target on shares of American Bitcoin and gave the stock a "buy" rating in a research note on Monday. Wall Street Zen cut 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 research note on Monday, September 21st. HC Wainwright started coverage on American Bitcoin in a report on Monday. They issued a "buy" rating and a $22.00 price objective on the stock. Finally, BTIG Research began coverage on American Bitcoin in a research note on Wednesday, September 16th. They issued a "buy" rating and a $15.00 target price for the company. Four 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's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $28.25.

American Bitcoin Stock Down 11.7%

Shares of ABTC stock opened at $7.65 on Tuesday. The business has a 50-day moving average price of $8.24 and a two-hundred day moving average price of $11.00. American Bitcoin has a 12-month low of $4.92 and a 12-month high of $97.20. The firm has a market cap of $557.07 million, a P/E ratio of -2.51 and a beta of 3.96.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) for the quarter. The firm had revenue of $67.01 million during the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%. As a group, research analysts expect that American Bitcoin will post 1.24 EPS for the current fiscal year.

Insider Buying and Selling at American Bitcoin

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

Institutional Investors Weigh In On American Bitcoin

Several institutional investors and hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC raised its holdings in American Bitcoin by 44.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company's stock worth $34,000 after purchasing an additional 15,321 shares in the last quarter. Forty three Eighteen Advisors LLC bought a new stake in American Bitcoin in the 4th quarter worth about $34,000. J. Derek Lewis & Associates Inc. purchased a new stake in American Bitcoin during the 4th quarter valued at $39,000. EverSource Wealth Advisors LLC purchased a new position in shares of American Bitcoin during the 1st quarter worth $37,000. Finally, Maripau Wealth Management LLC purchased a new position in shares of American Bitcoin during the 1st quarter valued at about $38,000. Hedge funds and other 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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