American Bitcoin (NASDAQ:ABTC) Trading Down 7.4% – Should You Sell?

American Bitcoin Corp. (NASDAQ:ABTC)’s share price traded down 7.4% during trading on Friday . The company traded as low as $2.23 and last traded at $2.24. 4,599,299 shares were traded during mid-day trading, an increase of 45% from the average session volume of 3,181,932 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

ABTC has been the subject of several recent research reports. Wall Street Zen upgraded American Bitcoin from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research report on Tuesday. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce”.

American Bitcoin Stock Performance

The business has a 50 day simple moving average of $5.16 and a 200-day simple moving average of $5.83. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -4.89 and a beta of 3.46.

Institutional Investors Weigh In On American Bitcoin

Institutional investors have recently bought and sold shares of the stock. Murchinson Ltd. lifted its stake in American Bitcoin by 271.4% during the 1st quarter. Murchinson Ltd. now owns 2,403,988 shares of the company’s stock valued at $409,000 after acquiring an additional 1,756,649 shares in the last quarter. EWA LLC bought a new stake in shares of American Bitcoin in the 2nd quarter worth $29,000. HUB Investment Partners LLC purchased a new stake in shares of American Bitcoin in the second quarter valued at about $114,000. Moore Capital Management LP purchased a new stake in shares of American Bitcoin in the second quarter valued at about $88,000. Finally, Tidal Investments LLC bought a new position in shares of American Bitcoin during the second quarter valued at about $87,000. Institutional investors own 10.21% of the company’s stock.

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.