American Bitcoin (NASDAQ:ABTC) Stock Price Down 6% – Time to Sell?

American Bitcoin Corp. (NASDAQ:ABTC) shares fell 6% during trading on Thursday . The company traded as low as $0.7001 and last traded at $0.6960. 1,752,273 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 13,772,293 shares. The stock had previously closed at $0.7407.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ABTC. Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a research note on Friday, March 27th. Zacks Research upgraded shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Two 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, the company currently has an average rating of “Hold” and a consensus target price of $4.00.

American Bitcoin Stock Down 5.0%

The company has a 50-day moving average price of $1.05 and a 200 day moving average price of $1.26. The firm has a market cap of $748.36 million, a price-to-earnings ratio of -1.41 and a beta of 3.76.

American Bitcoin (NASDAQ:ABTC) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). American Bitcoin had a negative return on equity of 29.72% and a negative net margin of 69.42%.The business had revenue of $62.12 million for the quarter, compared to analyst estimates of $74.85 million. Equities analysts forecast that American Bitcoin Corp. will post 0.01 EPS for the current year.

Institutional Investors Weigh In On American Bitcoin

Several institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC increased its position in American Bitcoin by 1,031.4% during the fourth 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. Aptus Capital Advisors LLC acquired a new stake in shares of American Bitcoin in the fourth quarter worth about $33,000. Forty three Eighteen Advisors LLC bought a new stake in shares of American Bitcoin during the 4th quarter worth about $34,000. EverSource Wealth Advisors LLC bought a new stake in shares of American Bitcoin during the 1st quarter worth about $37,000. Finally, Kitching Partners LLC acquired a new position in shares of American Bitcoin during the 4th quarter valued at about $37,000. Institutional investors and hedge funds 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.