American Bitcoin (NASDAQ:ABTC) Issues Quarterly Earnings Results, Misses Expectations By $0.09 EPS

American Bitcoin (NASDAQ:ABTC) posted its quarterly earnings data on Friday. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09), Zacks reports. The company had revenue of $78.32 million for the quarter, compared to the consensus estimate of $79.64 million. American Bitcoin had a negative net margin of 10.79% and a negative return on equity of 5.57%.

American Bitcoin Price Performance

American Bitcoin stock opened at $0.86 on Friday. American Bitcoin has a 12 month low of $0.63 and a 12 month high of $14.65. The company has a fifty day moving average price of $1.18 and a two-hundred day moving average price of $3.29. The company has a market cap of $797.74 million, a PE ratio of -1.91 and a beta of 3.81.

Insiders Place Their Bets

In other American Bitcoin news, Director Justin Mateen purchased 1,800,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was acquired at an average cost of $1.03 per share, with a total value of $1,854,000.00. Following the acquisition, the director owned 2,524,975 shares of the company’s stock, valued at approximately $2,600,724.25. This represents a 248.28% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard Busch acquired 68,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were acquired at an average cost of $1.15 per share, with a total value of $78,200.00. Following the transaction, the director owned 1,398,975 shares in the company, valued at approximately $1,608,821.25. The trade was a 5.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 2,198,000 shares of company stock worth $2,266,100 over the last three months. 15.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On American Bitcoin

Large investors have recently bought and sold shares of the business. Bank of America Corp DE bought a new position in shares of American Bitcoin during the third quarter valued at approximately $61,000. NewEdge Advisors LLC acquired a new stake in shares of American Bitcoin during the 3rd quarter worth approximately $71,000. Dimensional Fund Advisors LP acquired a new stake in shares of American Bitcoin during the 3rd quarter worth approximately $95,000. Integrated Wealth Concepts LLC bought a new stake in shares of American Bitcoin in the 3rd quarter worth approximately $95,000. Finally, Aptus Capital Advisors LLC bought a new stake in shares of American Bitcoin in the 4th quarter worth approximately $33,000. Institutional investors own 10.21% of the company’s stock.

Analyst Ratings Changes

ABTC has been the subject of several research analyst reports. HC Wainwright began coverage on shares of American Bitcoin in a research report on Monday, February 2nd. They issued a “buy” rating and a $4.00 target price for the company. Roth Mkm assumed coverage on American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price target for the company. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.00.

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.