Wall Street Zen Downgrades American Bitcoin (NASDAQ:ABTC) to Sell

Key Points

• Wall Street Zen downgraded American Bitcoin to “sell” from “hold,” while the broader analyst consensus remains “hold” with an average price target of $45.00.
• American Bitcoin shares opened at $6.47, well below their 50-day and 200-day moving averages of $8.88 and $14.24, respectively. The company reported a quarterly loss of $0.80 per share, $67.01 million in revenue, and a negative net margin of 71.75%.
• Despite the downgrade, director Justin Mateen bought 162,438 shares for about $1.01 million at an average price of $6.19, increasing his ownership by 49.24%.

American Bitcoin (NASDAQ:ABTC - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Other research analysts have also recently issued research reports about the stock. Maxim Group set a $15.00 price objective on shares of American Bitcoin and gave the company a "buy" rating in a research report on Tuesday, July 21st. Zacks Research upgraded shares of American Bitcoin from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed 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 given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $45.00.

American Bitcoin Stock Performance

NASDAQ ABTC opened at $6.47 on Friday. The business's 50 day moving average price is $8.88 and its 200-day moving average price is $14.24. American Bitcoin has a fifty-two week low of $4.92 and a fifty-two week high of $217.80. The company has a market cap of $471.15 million, a P/E ratio of -2.12 and a beta of 3.86.

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 (EPS) for the quarter. The company had revenue of $67.01 million during the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%.

Insider Buying and Selling at American Bitcoin

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

Hedge Funds Weigh In On American Bitcoin

Several hedge funds have recently bought and sold shares of the business. Bank of America Corp DE bought a new stake in shares of American Bitcoin during the third quarter worth $61,000. NewEdge Advisors LLC purchased a new stake in shares of American Bitcoin during the third quarter valued at $71,000. Dimensional Fund Advisors LP bought a new position in shares of American Bitcoin in the third quarter worth about $95,000. Integrated Wealth Concepts LLC bought a new position in shares of American Bitcoin in the third quarter worth about $95,000. Finally, CWM LLC increased its stake in American Bitcoin by 1,031.4% in the 4th quarter. CWM LLC now owns 17,062 shares of the company's stock worth $29,000 after buying an additional 15,554 shares during the period. 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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