American Bitcoin (NASDAQ:ABTC) Shares Down 5.7% - What's Next?

Key Points

• American Bitcoin shares fell 5.7% to about $8.16 in mid-day trading, on volume roughly 80% below the average session level.
• Analyst sentiment is mixed: the consensus rating is “Hold” with a $45.00 price target, while recent coverage includes a $15.00 Buy target and Sell downgrades.
• The company reported a quarterly loss of $0.80 per share, $67.01 million in revenue, and negative profitability metrics; meanwhile, a director purchased approximately $1.0 million of shares, increasing his stake by 49.24%.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report)'s share price was down 5.7% during mid-day trading on Tuesday . The company traded as low as $8.16 and last traded at $8.1610. Approximately 232,275 shares traded hands during trading, a decline of 80% from the average session volume of 1,176,804 shares. The stock had previously closed at $8.65.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a "buy" rating in a report on Tuesday, July 21st. Wall Street Zen lowered American Bitcoin from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Three research 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $45.00.

American Bitcoin Price Performance

The stock's 50-day moving average is $6.96 and its 200-day moving average is $12.07. The stock has a market cap of $602.73 million, a price-to-earnings ratio of -2.71 and a beta of 3.92.

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

Insider Activity at American Bitcoin

In other American Bitcoin news, Director Justin Mateen bought 162,438 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the purchase, the director owned 492,297 shares of the company's stock, valued at $3,047,318.43. This trade represents a 49.24% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.57% of the stock is currently owned by corporate insiders.

Institutional Trading of American Bitcoin

Hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC lifted its holdings in shares of American Bitcoin by 44.8% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company's stock worth $34,000 after acquiring an additional 15,321 shares during the period. Kingsbury Capital Investment Advisors LLC grew its holdings 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 period. PCG Wealth Advisors LLC increased 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 purchasing an additional 536,325 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in American Bitcoin during the second quarter worth approximately $273,000. Finally, Maripau Wealth Management LLC purchased a new position in American Bitcoin during the first quarter worth approximately $38,000. 10.21% of the stock is owned by institutional investors and hedge funds.

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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