American Bitcoin (NASDAQ:ABTC) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of American Bitcoin (NASDAQ:ABTC) in a research note released on Monday, Marketbeat.com reports. The firm issued a buy rating and a $22.00 price target on the stock.

ABTC has been the topic of a number of other reports. Wall Street Zen downgraded shares of American Bitcoin from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Maxim Group set a $15.00 price objective on shares of American Bitcoin and gave the company a “buy” rating in a research note on Tuesday, July 21st. BTIG Research began coverage on shares of American Bitcoin in a research note on Wednesday, September 16th. They set a “buy” rating and a $15.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a report on Monday, September 21st. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.25.

American Bitcoin Stock Performance

NASDAQ:ABTC opened at $8.09 on Monday. American Bitcoin has a 52-week low of $4.92 and a 52-week high of $97.20. The firm has a market cap of $589.11 million, a price-to-earnings ratio of -2.65 and a beta of 3.96. The business’s fifty day moving average is $8.16 and its 200 day moving average is $11.08.

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

Insider Activity

In other American Bitcoin news, Director Justin Mateen acquired 162,438 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were bought at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the transaction, the director owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. This represents a 49.24% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC increased its stake in American Bitcoin by 44.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company’s stock worth $34,000 after acquiring an additional 15,321 shares during the last quarter. Kingsbury Capital Investment Advisors LLC raised its holdings in shares of American Bitcoin by 142.1% in the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock valued at $1,629,000 after acquiring an additional 1,403,547 shares in the last quarter. PCG Wealth Advisors LLC raised its holdings in shares of American Bitcoin by 78.2% in the 2nd quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company’s stock valued at $833,000 after acquiring an additional 536,325 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of American Bitcoin during the 2nd quarter valued at about $273,000. Finally, Maripau Wealth Management LLC bought a new stake in shares of American Bitcoin during the 1st quarter valued at about $38,000. 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.