Short Interest in American Bitcoin Corp. (NASDAQ:ABTC) Drops By 90.5%

American Bitcoin Corp. (NASDAQ:ABTC) was the target of a large decrease in short interest in July. As of July 15th, there was short interest totaling 2,428,366 shares, a decrease of 90.5% from the June 30th total of 25,690,064 shares. Based on an average daily trading volume, of 2,619,600 shares, the short-interest ratio is presently 0.9 days. Approximately 3.5% of the shares of the stock are sold short.

Hedge Funds Weigh In On American Bitcoin

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC raised its position in shares of American Bitcoin by 1,031.4% during the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock valued at $29,000 after buying an additional 15,554 shares in the last quarter. Aptus Capital Advisors LLC purchased a new stake in American Bitcoin during the fourth quarter valued at approximately $33,000. Forty three Eighteen Advisors LLC purchased a new stake in American Bitcoin during the fourth quarter valued at approximately $34,000. EverSource Wealth Advisors LLC bought a new stake in shares of American Bitcoin in the 1st quarter valued at approximately $37,000. Finally, Kitching Partners LLC bought a new stake in shares of American Bitcoin in the 4th quarter valued at approximately $37,000. 10.21% of the stock is owned by hedge funds and other institutional investors.

American Bitcoin Stock Performance

ABTC stock opened at $5.72 on Friday. The company’s fifty day moving average price is $10.95 and its 200-day moving average price is $15.76. American Bitcoin has a one year low of $5.04 and a one year high of $217.80. The company has a market capitalization of $405.57 million, a PE ratio of -0.76 and a beta of 3.81.

American Bitcoin (NASDAQ:ABTC) last announced 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). American Bitcoin had a negative net margin of 69.42% and a negative return on equity of 29.72%. The company had revenue of $62.12 million during the quarter, compared to the consensus estimate of $74.85 million.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ABTC shares. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Maxim Group set a $15.00 target price on American Bitcoin and gave the company a “buy” rating in a research note on Tuesday. Three 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 stock. Based on data from MarketBeat, American Bitcoin currently has an average rating of “Hold” and an average price target of $45.00.

American Bitcoin Company Profile

Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.