American Bitcoin (NASDAQ:ABTC) Stock Price Down 6% – Time to Sell?

American Bitcoin Corp. (NASDAQ:ABTC) dropped 6% during mid-day trading on Thursday . The company traded as low as $0.7001 and last traded at $0.6960. 1,752,273 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 13,772,293 shares. The stock had previously closed at $0.7407.

Wall Street Analyst Weigh In

ABTC has been the subject of several recent research reports. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Stock Performance

The firm has a market capitalization of $748.36 million, a P/E ratio of -1.41 and a beta of 3.76. The business has a fifty day moving average of $1.05 and a 200-day moving average of $1.26.

American Bitcoin (NASDAQ:ABTC) last announced its earnings results on Wednesday, May 6th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $62.12 million for the quarter, compared to the consensus estimate of $74.85 million. On average, equities research analysts forecast that American Bitcoin Corp. will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On American Bitcoin

Institutional investors have recently bought and sold shares of the stock. HUB Investment Partners LLC acquired a new position in American Bitcoin during the 2nd quarter valued at about $114,000. Moore Capital Management LP bought a new stake in American Bitcoin during the second quarter worth approximately $88,000. Tidal Investments LLC acquired a new stake in American Bitcoin in the second quarter worth approximately $87,000. Vident Advisory LLC acquired a new stake in American Bitcoin in the second quarter worth approximately $965,000. Finally, JPMorgan Chase & Co. bought a new position in American Bitcoin during the 3rd quarter valued at $192,000. 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.