American Bitcoin (NASDAQ:ABTC) Shares Climb 6.5% - Here's Why

Key Points

• American Bitcoin shares rose 6.5% to about $8.23 in midday trading, although volume was roughly 77% below the average session level.
• Analyst sentiment is mixed but leans positive: four analysts rate the stock Buy, one rates it Hold and one rates it Sell. Recent price targets range from $15 to $22, while MarketBeat lists an average target of $28.25.
• The company remains unprofitable, reporting a quarterly loss of $0.80 per share, $67.01 million in revenue and a negative 71.75% net margin. Director Justin Mateen also purchased approximately $1.0 million of shares, increasing his ownership by 49.24%.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) shares shot up 6.5% during mid-day trading on Monday. The stock traded as high as $8.37 and last traded at $8.2330. Approximately 269,914 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 1,197,572 shares. The stock had previously closed at $7.73.

Analyst Ratings Changes

A number of research analysts have commented on ABTC shares. Maxim Group set a $16.00 price target on shares of American Bitcoin in a research report on Monday. Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a report on Monday, September 21st. HC Wainwright started coverage on shares of American Bitcoin in a research note on Monday. They issued a "buy" rating and a $22.00 price objective for the company. Wall Street Zen cut shares of American Bitcoin from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, BTIG Research started coverage on shares of American Bitcoin in a report on Wednesday, September 16th. They set a "buy" rating and a $15.00 target price on the stock. 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 company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $28.25.

American Bitcoin Price Performance

The firm's 50 day moving average is $8.12 and its 200 day moving average is $11.13. The company has a market capitalization of $591.59 million, a PE ratio of -2.67 and a beta of 3.96.

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. The firm had revenue of $67.01 million for the quarter. American Bitcoin had a negative net margin of 71.75% and a negative return on equity of 29.89%.

Insider Transactions at American Bitcoin

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

Hedge Funds Weigh In On American Bitcoin

Hedge funds and other institutional investors have recently modified their holdings of the company. Cetera Investment Advisers boosted its holdings in shares of American Bitcoin by 247.2% during the first quarter. Cetera Investment Advisers now owns 73,887 shares of the company's stock worth $68,000 after purchasing an additional 52,608 shares during the period. PNC Financial Services Group Inc. raised its position in 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 valued at $808,000 after purchasing an additional 873,362 shares during the last quarter. Bank of New York Mellon Corp raised its position in American Bitcoin by 1,114.2% during the 1st quarter. Bank of New York Mellon Corp now owns 376,270 shares of the company's stock valued at $348,000 after purchasing an additional 345,282 shares during the last quarter. Independent Financial Group LLC bought a new position in American Bitcoin during the 1st quarter valued at approximately $93,000. Finally, Yorkville Advisors Global LP purchased a new stake in American Bitcoin in the 1st quarter worth approximately $369,000. 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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