American Bitcoin (NASDAQ:ABTC) Shares Climb 9% - Still a Buy?

Key Points

• American Bitcoin shares rose 9% to about $8.92 in Friday trading, reaching as high as $9.15, although volume was 68% below the average.
• Analyst sentiment is mixed but leans positive: four analysts rate the stock Buy, one Hold, and one Sell, producing a “Moderate Buy” consensus and an average price target of $37.50.
• The company remains unprofitable, reporting a quarterly loss of $0.80 per share, a negative net margin of 71.75%, and negative return on equity of 29.89%; however, director Justin Mateen recently purchased roughly $1.0 million in shares.

Shares of American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) shot up 9% during mid-day trading on Friday. The company traded as high as $9.15 and last traded at $8.9190. Approximately 382,206 shares traded hands during trading, a decline of 68% from the average daily volume of 1,204,097 shares. The stock had previously closed at $8.18.

Analyst Ratings Changes

ABTC has been the subject of several analyst reports. Weiss Ratings reissued a "sell (d)" rating on shares of American Bitcoin in a research note on Monday, September 21st. Wall Street Zen downgraded American Bitcoin from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. 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. Finally, BTIG Research began coverage on American Bitcoin in a research note on Wednesday, September 16th. They set a "buy" rating and a $15.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $37.50.

American Bitcoin Price Performance

The company has a market capitalization of $613.07 million, a P/E ratio of -2.77 and a beta of 3.96. The firm has a fifty day moving average price of $7.80 and a 200-day moving average price of $11.42.

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 for the quarter. The business 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%.

Insider Buying and Selling at American Bitcoin

In related news, Director Justin Mateen purchased 162,438 shares of the business's stock in a transaction that occurred on 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 acquisition, the director owned 492,297 shares of the company's stock, valued at $3,047,318.43. This represents a 49.24% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.57% of the company's stock.

Institutional Trading of American Bitcoin

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC lifted its stake 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 grew its holdings in American Bitcoin by 142.1% during 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 period. PCG Wealth Advisors LLC increased its position in American Bitcoin by 78.2% in 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 last quarter. Bank of New York Mellon Corp purchased a new stake in American Bitcoin in the second quarter worth $273,000. Finally, Maripau Wealth Management LLC bought a new stake in shares of American Bitcoin in the first quarter valued at $38,000. 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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