American Bitcoin (NASDAQ:ABTC) Trading Up 7.1% - Still a Buy?

Key Points

• American Bitcoin shares rose 7.1% to about $8.76 in mid-day trading, though volume was 78% below the average session level. The stock has a $671 million market capitalization, a negative P/E ratio, and a high beta of 3.86.
• Analyst sentiment is mixed: three analysts rate the stock a Buy, one rates it Hold, and one rates it Sell. The overall consensus is Hold, despite a reported consensus price target of $45 and Maxim Group’s $15 Buy target.
• The company reported a quarterly loss of $0.80 per share, $67.01 million in revenue, a negative 71.75% net margin, and negative 29.89% return on equity. Director Justin Mateen purchased roughly $1.0 million of shares, while institutional investors own 10.21% of the stock.

Shares of American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) were up 7.1% during mid-day trading on Thursday . The company traded as high as $8.66 and last traded at $8.7640. Approximately 244,568 shares traded hands during trading, a decline of 78% from the average session volume of 1,130,876 shares. The stock had previously closed at $8.18.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ABTC. Maxim Group set a $15.00 price objective on American Bitcoin and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Wall Street Zen downgraded American Bitcoin from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Three equities 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $45.00.

American Bitcoin Trading Up 12.7%

The firm has a market capitalization of $671.04 million, a P/E ratio of -3.02 and a beta of 3.86. The stock's 50-day simple moving average is $7.41 and its 200-day simple moving average is $12.85.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last posted 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 firm had revenue of $67.01 million for the quarter.

Insider Activity at American Bitcoin

In other American Bitcoin news, Director Justin Mateen purchased 162,438 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the acquisition, the director owned 492,297 shares of the company's stock, valued at $3,047,318.43. The trade was a 49.24% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.57% of the company's stock.

Institutional Investors Weigh In On American Bitcoin

Several large investors have recently made changes to their positions in the business. Solari Capital Management LLC bought a new position in American Bitcoin during the third quarter valued at about $317,612,000. Charles Schwab Investment Management Inc. bought a new stake in American Bitcoin in the fourth quarter worth about $5,285,000. Providence Capital Advisors LLC purchased a new position in American Bitcoin in the fourth quarter valued at about $4,244,000. State Street Corp boosted its stake in American Bitcoin by 3,933.2% in the fourth quarter. State Street Corp now owns 2,392,690 shares of the company's stock valued at $4,068,000 after acquiring an additional 2,333,365 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of American Bitcoin during the 1st quarter valued at approximately $1,589,000. 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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