American Bitcoin (NASDAQ:ABTC) Trading 9.6% Higher - Still a Buy?

Key Points

• American Bitcoin shares jumped 9.6% to $8.93 in Thursday trading, with a market capitalization of approximately $660 million.
• Analyst sentiment is mixed but leans positive: four analysts rate the stock a Buy, while one rates it Hold and another Sell. The consensus rating is Moderate Buy, with a $37.50 average price target.
• The company remains financially challenged, 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 increased his stake by purchasing about $1 million of shares.

Shares of American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) rose 9.6% during trading on Thursday . The stock traded as high as $8.97 and last traded at $8.9250. Approximately 686,874 shares were traded during mid-day trading, a decline of 42% from the average session volume of 1,180,188 shares. The stock had previously closed at $8.14.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ABTC. Weiss Ratings reiterated a "sell (d)" rating on shares of American Bitcoin in a research note on Wednesday, June 24th. BTIG Research began coverage on American Bitcoin in a research note on Wednesday. They issued a "buy" rating and a $15.00 price objective on the stock. Wall Street Zen downgraded American Bitcoin from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Maxim Group set a $15.00 target price on American Bitcoin and gave the company a "buy" rating in a research note on Tuesday, July 21st. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $37.50.

American Bitcoin Trading Up 11.4%

The company has a market capitalization of $660.11 million, a P/E ratio of -2.99 and a beta of 3.92. The company's fifty day moving average is $7.03 and its 200 day moving average is $11.96.

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. 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 during the quarter.

Insider Transactions at American Bitcoin

In other American Bitcoin news, Director Justin Mateen purchased 162,438 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was purchased at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the transaction, the director owned 492,297 shares in the company, valued at $3,047,318.43. The trade was a 49.24% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.57% of the company's stock.

Institutional Investors Weigh In On American Bitcoin

Hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new stake in American Bitcoin during the 1st quarter valued at $1,589,000. Kingsbury Capital Investment Advisors LLC increased its position in shares of 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 acquiring an additional 1,403,547 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of American Bitcoin by 54,246.1% during the first quarter. PNC Financial Services Group Inc. now owns 874,972 shares of the company's stock valued at $808,000 after acquiring an additional 873,362 shares during the last quarter. PCG Wealth Advisors LLC raised its stake in shares of American Bitcoin by 78.2% during the second quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company's stock valued at $833,000 after acquiring an additional 536,325 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of American Bitcoin by 2,180,227.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company's stock valued at $815,000 after acquiring an additional 479,650 shares during the last quarter. 10.21% of the stock is currently owned by institutional investors.

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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