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

Wall Street Zen downgraded shares of American Bitcoin (NASDAQ:ABTC) from a hold rating to a sell rating in a research report report published on Saturday morning.

Several other research analysts also recently issued reports on the company. Maxim Group set a $15.00 price objective on American Bitcoin and gave the company a “buy” rating in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Finally, Zacks Research raised shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Three investment 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $45.00.

American Bitcoin Stock Up 9.3%

American Bitcoin stock opened at $7.07 on Friday. The stock has a market cap of $514.84 million, a PE ratio of -2.32 and a beta of 3.86. American Bitcoin has a 12-month low of $4.92 and a 12-month high of $217.80. The business’s 50-day moving average price is $8.70 and its two-hundred day moving average price is $14.05.

American Bitcoin (NASDAQ:ABTC) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. American Bitcoin had a negative net margin of 71.75% and a negative return on equity of 29.89%. The company had revenue of $67.01 million during the quarter.

Insiders Place Their Bets

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

Institutional Investors Weigh In On American Bitcoin

Large investors have recently bought and sold shares of the stock. HUB Investment Partners LLC acquired a new position in American Bitcoin during the 2nd quarter worth approximately $114,000. Moore Capital Management LP acquired a new position in shares of American Bitcoin during the second quarter worth approximately $88,000. Tidal Investments LLC acquired a new position in shares of American Bitcoin during the second quarter worth approximately $87,000. Vident Advisory LLC bought a new position in shares of American Bitcoin in the 2nd quarter worth $965,000. Finally, JPMorgan Chase & Co. acquired a new stake in American Bitcoin in the 3rd quarter valued at $192,000. 10.21% of the stock is currently owned by institutional investors and hedge funds.

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.