American Bitcoin Corp. (NASDAQ:ABTC) Sees Significant Increase in Short Interest

American Bitcoin Corp. (NASDAQ:ABTC – Get Free Report) saw a significant growth in short interest in the month of June. As of June 30th, there was short interest totaling 25,690,064 shares, a growth of 144.1% from the June 15th total of 10,525,932 shares. Currently, 37.2% of the company’s shares are sold short. Based on an average daily trading volume, of 13,208,515 shares, the days-to-cover ratio is presently 1.9 days.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ABTC. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Zacks Research raised shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Two 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $60.00.

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Institutional Investors Weigh In On American Bitcoin

Large investors have recently added to or reduced their stakes in the stock. HUB Investment Partners LLC bought a new stake in shares of American Bitcoin during the second quarter valued at approximately $114,000. Moore Capital Management LP purchased a new position in American Bitcoin during the 2nd quarter worth $88,000. Tidal Investments LLC bought a new stake in American Bitcoin during the 2nd quarter valued at $87,000. Vident Advisory LLC bought a new stake in American Bitcoin during the 2nd quarter valued at $965,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of American Bitcoin in the 3rd quarter worth $192,000. 10.21% of the stock is owned by hedge funds and other institutional investors.

American Bitcoin Stock Performance

Shares of NASDAQ ABTC opened at $5.28 on Tuesday. The business’s 50 day moving average price is $13.08 and its 200-day moving average price is $17.02. American Bitcoin has a fifty-two week low of $5.25 and a fifty-two week high of $217.80. The company has a market cap of $374.35 million, a price-to-earnings ratio of -0.70 and a beta of 3.81.

American Bitcoin (NASDAQ:ABTC – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($1.35). The business had revenue of $62.12 million for the quarter, compared to the consensus estimate of $74.85 million. American Bitcoin had a negative return on equity of 29.72% and a negative net margin of 69.42%.

American Bitcoin Company Profile

(Get Free Report)

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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