Short Interest in American Bitcoin Corp. (NASDAQ:ABTC) Grows By 144.1%

American Bitcoin Corp. (NASDAQ:ABTC) was the recipient of a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 25,690,064 shares, a growth of 144.1% from the June 15th total of 10,525,932 shares. Approximately 37.2% of the shares of the company are sold short. Based on an average daily trading volume, of 13,208,515 shares, the days-to-cover ratio is presently 1.9 days.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Zacks Research upgraded shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Weiss Ratings reiterated 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 MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $60.00.

American Bitcoin Stock Up 2.3%

ABTC opened at $5.40 on Wednesday. American Bitcoin has a 52 week low of $5.05 and a 52 week high of $217.80. The business has a 50 day moving average price of $12.82 and a two-hundred day moving average price of $16.86. The company has a market cap of $382.86 million, a PE ratio of -0.72 and a beta of 3.81.

American Bitcoin (NASDAQ:ABTC) last announced its earnings results on Wednesday, May 6th. The company reported ($1.20) earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $74.85 million.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Aristides Capital LLC acquired a new position in shares of American Bitcoin during the 4th quarter worth $200,000. Marathon Trading Investment Management LLC acquired a new stake in shares of American Bitcoin in the fourth quarter valued at about $67,000. Caitong International Asset Management Co. Ltd boosted its holdings in American Bitcoin by 530,245.5% during the fourth 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. SCS Capital Management LLC purchased a new stake in American Bitcoin during the fourth quarter worth about $191,000. Finally, Foundations Investment Advisors LLC acquired a new position in American Bitcoin during the fourth quarter worth about $221,000. 10.21% of the stock is owned by hedge funds and other institutional investors.

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.