American Bitcoin Corp. (NASDAQ:ABTC – Get Free Report) shares reached a new 52-week low during trading on Monday . The company traded as low as $8.20 and last traded at $7.5950, with a volume of 591 shares trading hands. The stock had previously closed at $8.4255.
Analyst Upgrades and Downgrades
ABTC has been the subject of a number of research analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, American Bitcoin presently has an average rating of “Hold” and a consensus target price of $4.00.
American Bitcoin Stock Performance
American Bitcoin (NASDAQ:ABTC – Get Free Report) last issued its quarterly earnings data 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 company had revenue of $62.12 million for the quarter, compared to the consensus estimate of $74.85 million.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of ABTC. Solari Capital Management LLC bought a new position in shares of American Bitcoin during the 3rd quarter worth approximately $317,612,000. Charles Schwab Investment Management Inc. acquired a new stake in American Bitcoin in the fourth quarter valued at approximately $5,285,000. Providence Capital Advisors LLC purchased a new position in American Bitcoin in the fourth quarter worth $4,244,000. State Street Corp grew its holdings in American Bitcoin by 3,933.2% in the fourth quarter. State Street Corp now owns 2,392,690 shares of the company’s stock worth $4,068,000 after purchasing an additional 2,333,365 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of American Bitcoin during the first quarter worth $1,589,000. Hedge funds and other 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.
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