American Bitcoin (NASDAQ:ABTC) Sets New 52-Week Low – Time to Sell?

American Bitcoin Corp. (NASDAQ:ABTC)’s share price hit 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 traded. The stock had previously closed at $8.4255.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a report on Wednesday, June 24th. Zacks Research upgraded shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Two 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $60.00.

American Bitcoin Stock Down 23.2%

The stock has a fifty day moving average of $14.02 and a 200-day moving average of $17.61. The stock has a market capitalization of $462.27 million, a price-to-earnings ratio of -0.87 and a beta of 3.81.

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

Institutional Trading of American Bitcoin

Hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC boosted its position in shares of American Bitcoin by 1,031.4% in the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock valued at $29,000 after purchasing an additional 15,554 shares during the period. Aptus Capital Advisors LLC acquired a new position in American Bitcoin during the fourth quarter worth approximately $33,000. Forty three Eighteen Advisors LLC acquired a new position in American Bitcoin during the fourth quarter worth approximately $34,000. EverSource Wealth Advisors LLC purchased a new stake in American Bitcoin in the first quarter valued at approximately $37,000. Finally, Kitching Partners LLC purchased a new stake in American Bitcoin in the fourth quarter valued at approximately $37,000. 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.