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

Key Points

• American Bitcoin shares fell sharply, opening at $8.96 versus a prior close of $9.34 and later trading near $8.40. The company has a market capitalization of approximately $596.6 million and a high beta of 3.92.
• Analyst sentiment is mixed, with three Buy ratings, one Hold, and one Sell; the consensus rating is Hold. Price targets vary widely, including Maxim Group’s $15 target and a reported average target of $45.
• The company reported a quarterly loss of $0.80 per share on $67.01 million in revenue, alongside a negative net margin of 71.75%. Director Justin Mateen purchased 162,438 shares for roughly $1.0 million, increasing his position by 49.24%.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $9.34, but opened at $8.96. American Bitcoin shares last traded at $8.4030, with a volume of 291,530 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on ABTC shares. Maxim Group set a $15.00 price objective on shares of American Bitcoin and gave the company a "buy" rating in a report on Tuesday, July 21st. Wall Street Zen lowered shares of American Bitcoin from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $45.00.

American Bitcoin Stock Down 12.3%

The company has a market capitalization of $596.61 million, a price-to-earnings ratio of -2.69 and a beta of 3.92. The stock's 50-day simple moving average is $6.98 and its two-hundred day simple moving average is $12.44.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($0.80) EPS 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 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 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 in the company, valued at $3,047,318.43. This 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 link. 2.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On American Bitcoin

A number of hedge funds have recently modified their holdings of the company. Bank of America Corp DE acquired a new position in shares of American Bitcoin in the 3rd quarter valued at $61,000. NewEdge Advisors LLC purchased a new position in American Bitcoin during the third quarter worth about $71,000. Dimensional Fund Advisors LP acquired a new stake in shares of American Bitcoin during the third quarter valued at about $95,000. Integrated Wealth Concepts LLC acquired a new stake in shares of American Bitcoin during the third quarter valued at about $95,000. Finally, CWM LLC increased its position in shares of American Bitcoin by 1,031.4% during the fourth quarter. CWM LLC now owns 17,062 shares of the company's stock valued at $29,000 after acquiring an additional 15,554 shares during the last quarter. Hedge funds and other institutional investors own 10.21% of the company's stock.

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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