Wall Street Zen Downgrades American Bitcoin (NASDAQ:ABTC) to Sell

American Bitcoin (NASDAQ:ABTC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

A number of other research firms also recently issued reports on ABTC. Maxim Group set a $15.00 target price on American Bitcoin and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, American Bitcoin currently has an average rating of “Hold” and an average target price of $45.00.

American Bitcoin Price Performance

American Bitcoin stock opened at $6.47 on Friday. The firm has a 50 day moving average price of $8.88 and a 200-day moving average price of $14.17. American Bitcoin has a twelve month low of $4.92 and a twelve month high of $217.80. The company has a market capitalization of $471.15 million, a P/E ratio of -2.12 and a beta of 3.86.

American Bitcoin (NASDAQ:ABTC) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%.The company had revenue of $67.01 million during the quarter.

Insider Activity at American Bitcoin

In other American Bitcoin news, Director Justin Mateen purchased 162,438 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were bought at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the purchase, the director owned 492,297 shares of the company’s stock, valued at $3,047,318.43. This represents a 49.24% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ABTC. Bank of New York Mellon Corp bought a new stake in American Bitcoin during the 2nd quarter valued at $273,000. Maripau Wealth Management LLC purchased a new stake in shares of American Bitcoin during the first quarter worth $38,000. J. Derek Lewis & Associates Inc. boosted its holdings in shares of American Bitcoin by 204.3% in the first quarter. J. Derek Lewis & Associates Inc. now owns 70,000 shares of the company’s stock worth $65,000 after acquiring an additional 47,000 shares during the period. Yu Fan bought a new position in shares of American Bitcoin in the first quarter worth $285,000. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of American Bitcoin in the first quarter valued at $37,000. 10.21% of the stock is currently 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.