American Bitcoin (NASDAQ:ABTC) Reaches New 12-Month Low – What’s Next?

Shares of American Bitcoin Corp. (NASDAQ:ABTC) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $0.6750 and last traded at $0.6830, with a volume of 1397656 shares. The stock had previously closed at $0.7147.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ABTC shares. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, American Bitcoin currently has a consensus rating of “Hold” and an average target price of $4.00.

American Bitcoin Trading Down 6.1%

The company has a market capitalization of $713.28 million, a P/E ratio of -1.36 and a beta of 3.76. The firm’s 50 day moving average price is $1.03 and its two-hundred day moving average price is $1.23.

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). The business had revenue of $62.12 million during 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%. Analysts anticipate that American Bitcoin Corp. will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On American Bitcoin

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

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.