American Bitcoin (NASDAQ:ABTC) Stock Price Down 12.1% – Here’s Why

American Bitcoin Corp. (NASDAQ:ABTC) shares traded down 12.1% during trading on Tuesday . The stock traded as low as $7.77 and last traded at $7.4660. 198,715 shares were traded during trading, a decline of 80% from the average session volume of 970,915 shares. The stock had previously closed at $8.49.

Analyst Upgrades and Downgrades

ABTC has been the topic of a number of recent research reports. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a research report 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 research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, American Bitcoin presently has an average rating of “Hold” and a consensus target price of $60.00.

American Bitcoin Stock Down 16.2%

The company has a market cap of $7.56 billion, a price-to-earnings ratio of -14.27 and a beta of 3.81. The stock has a fifty day moving average price of $1.12 and a two-hundred day moving average price of $1.24.

American Bitcoin (NASDAQ:ABTC) last announced its earnings results on Wednesday, May 6th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of $0.15 by ($1.35). 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 the consensus estimate of $74.85 million.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ABTC. Aristides Capital LLC acquired a new position in shares of American Bitcoin in the 4th quarter valued at approximately $200,000. Marathon Trading Investment Management LLC acquired a new position in American Bitcoin during the fourth quarter valued at approximately $67,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of American Bitcoin by 530,245.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 116,676 shares of the company’s stock worth $198,000 after buying an additional 116,654 shares in the last quarter. Foundations Investment Advisors LLC acquired a new position in American Bitcoin during the fourth quarter worth about $221,000. Finally, SCS Capital Management LLC acquired a new position in shares of American Bitcoin during the fourth quarter worth $191,000. 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.