American Bitcoin (NASDAQ:ABTC) Trading Down 7.5% – Here’s Why

American Bitcoin Corp. (NASDAQ:ABTC) fell 7.5% on Monday . The company traded as low as $1.05 and last traded at $1.0450. 3,159,527 shares were traded during mid-day trading, a decline of 77% from the average session volume of 13,858,680 shares. The stock had previously closed at $1.13.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ABTC. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.00.

American Bitcoin Stock Performance

The firm has a market capitalization of $1.06 billion, a P/E ratio of -1.99 and a beta of 3.76. The stock has a fifty day moving average price of $1.07 and a two-hundred day moving average price of $1.65.

American Bitcoin (NASDAQ:ABTC) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). American Bitcoin had a negative net margin of 69.42% and a negative return on equity of 29.72%. The firm had revenue of $62.12 million during the quarter, compared to the consensus estimate of $74.85 million. As a group, research analysts anticipate that American Bitcoin Corp. will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard Busch acquired 68,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was purchased at an average cost of $1.15 per share, for a total transaction of $78,200.00. Following the purchase, the director directly owned 1,398,975 shares in the company, valued at $1,608,821.25. This represents a 5.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 2.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE bought a new position in American Bitcoin during the 3rd quarter worth $61,000. NewEdge Advisors LLC bought a new position in American Bitcoin during the 3rd quarter worth $71,000. Dimensional Fund Advisors LP bought a new position in American Bitcoin during the 3rd quarter worth $95,000. Integrated Wealth Concepts LLC bought a new position in American Bitcoin during the 3rd quarter worth $95,000. Finally, CWM LLC grew its stake in American Bitcoin by 1,031.4% during the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock worth $29,000 after buying an additional 15,554 shares during the last quarter. 10.21% of the stock is currently owned by institutional investors.

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.