American Bitcoin (NASDAQ:ABTC) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of American Bitcoin (NASDAQ:ABTC) to a hold rating in a report published on Tuesday,Zacks reports.

A number of other research firms have also recently weighed in on ABTC. Maxim Group set a $16.00 price target on American Bitcoin and gave the company a “buy” rating in a research note on Monday. BTIG Research started coverage on American Bitcoin in a research report on Wednesday, September 16th. They set a “buy” rating and a $15.00 price objective for the company. Wall Street Zen downgraded American Bitcoin from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. HC Wainwright started coverage on American Bitcoin in a research report on Monday. They set a “buy” rating and a $22.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research report on Monday, September 21st. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, American Bitcoin presently has an average rating of “Moderate Buy” and a consensus target price of $28.25.

American Bitcoin Trading Down 11.7%

Shares of ABTC opened at $7.65 on Tuesday. American Bitcoin has a twelve month low of $4.92 and a twelve month high of $97.20. The firm’s fifty day simple moving average is $8.24 and its 200-day simple moving average is $11.00. The firm has a market capitalization of $557.07 million, a price-to-earnings ratio of -2.51 and a beta of 3.96.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) for the quarter. The firm had revenue of $67.01 million for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%. On average, analysts predict that American Bitcoin will post 1.24 earnings per share for the current fiscal year.

Insider Activity at American Bitcoin

In other American Bitcoin news, Director Justin Mateen purchased 162,438 shares of American Bitcoin stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the transaction, the director directly owned 492,297 shares in the company, valued at $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.57% of the stock is owned by insiders.

Institutional Investors Weigh In On American Bitcoin

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC grew its holdings in shares of American Bitcoin by 44.8% during the second quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company’s stock worth $34,000 after buying an additional 15,321 shares during the last quarter. Kingsbury Capital Investment Advisors LLC raised its stake in American Bitcoin by 142.1% during 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 during the last quarter. PCG Wealth Advisors LLC raised its stake in American Bitcoin by 78.2% during 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 during the last quarter. Bank of New York Mellon Corp acquired a new stake in American Bitcoin during the 2nd quarter worth approximately $273,000. Finally, Maripau Wealth Management LLC acquired a new stake in American Bitcoin during the 1st quarter worth approximately $38,000. 10.21% of the stock is 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.