American Bitcoin (NASDAQ:ABTC) Shares Down 6.4% - Time to Sell?

Key Points

• American Bitcoin shares fell 6.4% to about $8.99 in Friday trading, while volume was 84% below the average session level.
• Analyst sentiment is mixed: BTIG Research and Maxim Group rated the stock “Buy” with $15 price targets, while Weiss Ratings and Wall Street Zen issued “Sell” views. Overall, MarketBeat lists a “Moderate Buy” consensus and a $37.50 target.
• The company reported a quarterly loss of $0.80 per share, a negative 71.75% net margin and negative 29.89% return on equity. Director Justin Mateen bought approximately $1.0 million of shares, while institutional investors own 10.21% of the stock.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) fell 6.4% during mid-day trading on Friday. The stock traded as low as $9.08 and last traded at $8.9860. Approximately 196,102 shares traded hands during trading, a decline of 84% from the average session volume of 1,211,045 shares. The stock had previously closed at $9.60.

Analysts Set New Price Targets

ABTC has been the topic of several research analyst reports. BTIG Research began coverage on shares of American Bitcoin in a research report on Wednesday, September 16th. They set a "buy" rating and a $15.00 target price on the stock. Maxim Group set a $15.00 target price on American Bitcoin and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a "sell (d)" rating on shares of American Bitcoin in a research report on Monday. Finally, Wall Street Zen downgraded American Bitcoin from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.50.

American Bitcoin Stock Performance

The stock has a market capitalization of $661.28 million, a PE ratio of -2.97 and a beta of 3.92. The firm's 50 day moving average is $7.54 and its two-hundred day moving average is $11.69.

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

Insider Buying and Selling

In other news, Director Justin Mateen acquired 162,438 shares of the company's stock in a transaction 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 transaction, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On American Bitcoin

Several institutional investors have recently modified their holdings of the company. Kingsbury Capital Investment Advisors LLC increased 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 buying an additional 1,403,547 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in American Bitcoin during the 1st quarter worth about $1,589,000. PCG Wealth Advisors LLC boosted its position in shares of American Bitcoin by 78.2% during the 2nd quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company's stock worth $833,000 after acquiring an additional 536,325 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of American Bitcoin by 2,180,227.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company's stock worth $815,000 after acquiring an additional 479,650 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of 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 worth $808,000 after acquiring an additional 873,362 shares in the last quarter. 10.21% of the stock is owned by hedge funds and other 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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