American Bitcoin (NASDAQ:ABTC) Shares Climb 6.1% - Time to Buy?

Key Points

• American Bitcoin shares rose 6.1% to $8.145 during Wednesday trading, though volume was 82% below the average session level.
• Analyst sentiment is broadly positive, with four Buy ratings, one Hold and one Sell; the consensus rating is “Moderate Buy” with a $28.25 target price.
• The company remains financially challenged, reporting a quarterly loss of $0.80 per share, a negative 71.75% net margin and negative 29.89% return on equity. Director Justin Mateen nevertheless increased his holdings by 49.24% through a stock purchase.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report)'s stock price was up 6.1% during trading on Wednesday. The company traded as high as $8.20 and last traded at $8.1450. 209,410 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 1,188,495 shares. The stock had previously closed at $7.68.

Wall Street Analysts Forecast Growth

ABTC has been the subject of several recent research reports. Maxim Group set a $16.00 target price on shares of American Bitcoin and gave the stock a "buy" rating in a research note on Monday, October 12th. BTIG Research started coverage on American Bitcoin in a research report on Wednesday, September 16th. They set a "buy" rating and a $15.00 price objective for the company. Weiss Ratings reiterated a "sell (d)" rating on shares of American Bitcoin in a research note on Monday, September 21st. Zacks Research raised American Bitcoin to a "hold" rating in a report on Tuesday, October 13th. Finally, HC Wainwright started coverage on American Bitcoin in a report on Monday, October 12th. They issued a "buy" rating and a $22.00 target price on the stock. Four 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 data from MarketBeat.com, American Bitcoin has an average rating of "Moderate Buy" and a consensus target price of $28.25.

American Bitcoin Price Performance

The stock's 50-day moving average is $8.32 and its 200 day moving average is $10.85. The stock has a market cap of $626.91 million, a price-to-earnings ratio of -2.82 and a beta of 3.96.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%. The business had revenue of $67.01 million for the quarter. Analysts anticipate that American Bitcoin Corp. will post 1.24 EPS for the current year.

Insider Activity at American Bitcoin

In related news, Director Justin Mateen acquired 162,438 shares of American Bitcoin stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the purchase, 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 Securities & Exchange Commission, which is available through the SEC website. 2.57% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in American Bitcoin in the 1st quarter valued at $1,589,000. Kingsbury Capital Investment Advisors LLC increased its stake in 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 purchasing an additional 1,403,547 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in American Bitcoin by 54,246.1% during the first 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 lifted its position in American Bitcoin by 78.2% during the second quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company's stock worth $833,000 after buying an additional 536,325 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in American Bitcoin during the second quarter worth about $273,000. 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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