American Bitcoin Corp. (NASDAQ:ABTC) Sees Significant Decrease in Short Interest

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Aristides Capital LLC purchased a new position in shares of American Bitcoin during the fourth quarter worth approximately $200,000. Marathon Trading Investment Management LLC purchased a new stake in shares of American Bitcoin in the 4th quarter valued at $67,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of American Bitcoin by 530,245.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 116,676 shares of the company’s stock valued at $198,000 after purchasing an additional 116,654 shares in the last quarter. Foundations Investment Advisors LLC bought a new position in shares of American Bitcoin during the 4th quarter valued at $221,000. Finally, SCS Capital Management LLC bought a new position in shares of American Bitcoin during the 4th quarter valued at $191,000. 10.21% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Maxim Group set a $15.00 target price on shares of American Bitcoin and gave the stock a “buy” rating in a report on Tuesday. Zacks Research upgraded shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $45.00.

American Bitcoin Stock Performance

ABTC traded down $0.38 during trading on Friday, reaching $5.72. The stock had a trading volume of 1,412,926 shares, compared to its average volume of 1,059,176. The business has a 50-day moving average of $11.17 and a 200-day moving average of $15.83. American Bitcoin has a one year low of $5.04 and a one year high of $217.80. The stock has a market cap of $405.55 million, a PE ratio of -0.76 and a beta of 3.81.

American Bitcoin (NASDAQ:ABTC) last posted its quarterly earnings data 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). The firm had revenue of $62.12 million during the quarter, compared to analysts’ expectations of $74.85 million. American Bitcoin had a negative return on equity of 29.72% and a negative net margin of 69.42%.

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.