American Bitcoin Corp. (NASDAQ:ABTC – Get Free Report) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $28.25.
Several brokerages recently issued reports on ABTC. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research report on Monday, September 21st. Zacks Research upgraded shares of American Bitcoin to a “hold” rating in a report on Tuesday, October 13th. BTIG Research started coverage on shares of American Bitcoin in a report on Wednesday, September 16th. They set a “buy” rating and a $15.00 price objective on the stock. Maxim Group set a $16.00 price objective on shares of American Bitcoin and gave the company a “buy” rating in a research report on Monday, October 12th. Finally, HC Wainwright assumed coverage on shares of American Bitcoin in a research note on Monday, October 12th. They issued a “buy” rating and a $22.00 target price for the company.
Read Our Latest Research Report on ABTC
American Bitcoin Stock Performance
ABTC opened at $7.97 on Thursday. The firm has a market cap of $580.38 million, a price-to-earnings ratio of -2.61 and a beta of 3.96. American Bitcoin has a twelve month low of $4.92 and a twelve month high of $84.66. The firm’s 50-day simple moving average is $8.39 and its 200-day simple moving average is $12.90.
American Bitcoin (NASDAQ:ABTC – Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. The firm had revenue of $67.01 million during the quarter. American Bitcoin had a negative net margin of 71.75% and a negative return on equity of 29.89%. As a group, sell-side analysts anticipate that American Bitcoin will post 1.24 EPS for the current fiscal year.
Insider Activity at American Bitcoin
In other news, Director Justin Mateen acquired 162,438 shares of American Bitcoin stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the completion of the transaction, the director directly owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. This represents a 49.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.57% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On American Bitcoin
Hedge funds and other institutional investors have recently bought and sold shares of the company. Kingsbury Capital Investment Advisors LLC lifted its stake in American Bitcoin by 142.1% in 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 in the last quarter. Renaissance Technologies LLC bought a new position in shares of American Bitcoin during the 1st quarter worth approximately $1,589,000. PCG Wealth Advisors LLC raised its holdings in shares of American Bitcoin by 78.2% in the second quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company’s stock valued at $833,000 after purchasing an additional 536,325 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of American Bitcoin by 54,246.1% in the first quarter. PNC Financial Services Group Inc. now owns 874,972 shares of the company’s stock valued at $808,000 after purchasing an additional 873,362 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of American Bitcoin in the second quarter valued at approximately $273,000. 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.
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