American Bitcoin (NASDAQ:ABTC) Announces Earnings Results, Misses Estimates By $0.09 EPS

American Bitcoin (NASDAQ:ABTC) released its earnings results on Friday. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09), Zacks reports. The business had revenue of $78.32 million during the quarter, compared to analysts’ expectations 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 Stock Performance

Shares of ABTC stock opened at $0.86 on Friday. The firm has a fifty day moving average of $1.18 and a 200-day moving average of $3.24. American Bitcoin has a 52-week low of $0.63 and a 52-week high of $14.65. The stock has a market cap of $797.74 million, a price-to-earnings ratio of -0.99 and a beta of 3.81.

Analysts Set New Price Targets

A number of research firms recently commented on ABTC. Roth Mkm started coverage on shares of American Bitcoin in a report on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price objective for the company. HC Wainwright assumed coverage on American Bitcoin in a research report on Monday, February 2nd. They issued a “buy” rating and a $4.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Monday, December 29th. Two research 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 stock has a consensus rating of “Hold” and an average price target of $4.00.

Insider Buying and Selling

In related news, Director Justin Mateen purchased 1,800,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were acquired at an average price of $1.03 per share, with a total value of $1,854,000.00. Following the purchase, the director directly owned 2,524,975 shares in the company, valued at $2,600,724.25. This represents a 248.28% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard Busch purchased 240,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were purchased at an average cost of $0.96 per share, with a total value of $230,400.00. Following the completion of the acquisition, the director directly owned 1,240,975 shares in the company, valued at $1,191,336. The trade was a 23.98% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 2,198,000 shares of company stock valued at $2,266,100. 15.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ABTC. Solari Capital Management LLC bought a new stake in American Bitcoin during the 3rd quarter worth about $317,612,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of American Bitcoin during the 4th quarter worth approximately $5,285,000. Providence Capital Advisors LLC acquired a new stake in shares of American Bitcoin during the 4th quarter worth approximately $4,244,000. State Street Corp raised its stake 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 buying an additional 2,333,365 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new position in American Bitcoin in the fourth quarter valued at approximately $2,773,000. Institutional investors 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.