American Bitcoin (NASDAQ:ABTC) Hits New 52-Week Low – Here’s Why

Shares of American Bitcoin Corp. (NASDAQ:ABTC) reached a new 52-week low on Tuesday . The stock traded as low as $0.77 and last traded at $0.7729, with a volume of 10364421 shares changing hands. The stock had previously closed at $0.8117.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ABTC shares. Zacks Research upgraded 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 Friday, March 27th. Two equities 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.00.

American Bitcoin Trading Down 4.8%

The stock has a market capitalization of $821.60 million, a P/E ratio of -1.55 and a beta of 3.76. The firm’s fifty day moving average is $1.06 and its 200-day moving average is $1.28.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). The firm had revenue of $62.12 million during the quarter, compared to analyst estimates of $74.85 million. American Bitcoin had a negative net margin of 69.42% and a negative return on equity of 29.72%. Equities research analysts expect that American Bitcoin Corp. will post 0.01 EPS for the current year.

Hedge Funds Weigh In On American Bitcoin

A number of institutional investors and hedge funds have recently bought and sold shares of ABTC. HUB Investment Partners LLC bought a new stake in shares of American Bitcoin during the second quarter worth $114,000. Moore Capital Management LP acquired a new stake in shares of American Bitcoin in the second quarter valued at $88,000. Tidal Investments LLC bought a new position in shares of American Bitcoin in the second quarter valued at about $87,000. Vident Advisory LLC bought a new position in shares of American Bitcoin in the second quarter valued at about $965,000. Finally, JPMorgan Chase & Co. bought a new position in shares of American Bitcoin in the third quarter valued at about $192,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

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.