American Bitcoin (NASDAQ:ABTC) Sets New 12-Month Low – What’s Next?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $0.77 and last traded at $0.7729, with a volume of 10364421 shares changing hands. The stock had previously closed at $0.8117.

Wall Street Analyst Weigh In

Several research analysts have commented on ABTC shares. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.00.

American Bitcoin Stock Down 4.8%

The stock’s 50-day moving average price is $1.06 and its 200 day moving average price is $1.28. The firm has a market cap of $821.60 million, a price-to-earnings ratio of -1.55 and a beta of 3.76.

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

Institutional Investors Weigh In On American Bitcoin

A number of institutional investors have recently bought and sold shares of ABTC. CWM LLC lifted its holdings in shares of American Bitcoin by 1,031.4% during the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock worth $29,000 after acquiring an additional 15,554 shares during the period. Aptus Capital Advisors LLC bought a new stake in American Bitcoin in the fourth quarter valued at about $33,000. Forty three Eighteen Advisors LLC bought a new stake in American Bitcoin in the fourth quarter valued at about $34,000. EverSource Wealth Advisors LLC acquired a new position in American Bitcoin in the first quarter worth about $37,000. Finally, Kitching Partners LLC bought a new position in American Bitcoin during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

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.