American Bitcoin (NASDAQ:ABTC) Stock Price Up 9.4% – What’s Next?

American Bitcoin Corp. (NASDAQ:ABTC)’s share price traded up 9.4% on Monday . The stock traded as high as $0.9449 and last traded at $0.9440. 5,730,962 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 13,835,678 shares. The stock had previously closed at $0.8631.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ABTC shares. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research note on Friday, March 27th. Two 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, American Bitcoin has an average rating of “Hold” and an average price target of $4.00.

American Bitcoin Stock Down 5.3%

The stock has a fifty day moving average price of $1.07 and a two-hundred day moving average price of $1.48. The company has a market capitalization of $906.53 million, a price-to-earnings ratio of -1.71 and a beta of 3.76.

American Bitcoin (NASDAQ:ABTC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). American Bitcoin had a negative net margin of 69.42% and a negative return on equity of 29.72%. The company had revenue of $62.12 million for the quarter, compared to analyst estimates of $74.85 million. As a group, research analysts forecast that American Bitcoin Corp. will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On American Bitcoin

Hedge funds and other institutional investors have recently modified their holdings of the company. Solari Capital Management LLC acquired a new position in shares of American Bitcoin in the third quarter valued at approximately $317,612,000. Charles Schwab Investment Management Inc. acquired a new position in American Bitcoin in the 4th quarter valued at $5,285,000. Providence Capital Advisors LLC purchased a new position in shares of American Bitcoin during the 4th quarter worth $4,244,000. State Street Corp boosted its holdings in shares of American Bitcoin by 3,933.2% during the fourth quarter. State Street Corp now owns 2,392,690 shares of the company’s stock worth $4,068,000 after purchasing an additional 2,333,365 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of American Bitcoin during the first quarter worth $1,589,000. 10.21% of the stock is currently 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.