Shares of American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) were up 9.8% on Thursday . The company traded as high as $7.63 and last traded at $7.6070. 398,433 shares traded hands during trading, a decline of 63% from the average daily volume of 1,076,741 shares. The stock had previously closed at $6.93.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on ABTC. Weiss Ratings reiterated a "sell (d)" rating on shares of American Bitcoin in a report on Wednesday, June 24th. Wall Street Zen downgraded shares of American Bitcoin from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Zacks Research upgraded shares of American Bitcoin from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Finally, Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a "buy" rating in a research report on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, American Bitcoin presently has a consensus rating of "Hold" and a consensus price target of $45.00.
Check Out Our Latest Stock Analysis on American Bitcoin
American Bitcoin Stock Performance
The firm has a market cap of $531.95 million, a PE ratio of -2.40 and a beta of 3.86. The stock has a 50-day simple moving average of $8.40 and a two-hundred day simple moving average of $13.82.
American Bitcoin (NASDAQ:ABTC - Get Free Report) last posted its 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.
Insiders Place Their Bets
In other news, Director Justin Mateen acquired 162,438 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the transaction, the director directly owned 492,297 shares of the company's stock, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.57% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On American Bitcoin
Several large investors have recently made changes to their positions in ABTC. J. Derek Lewis & Associates Inc. acquired a new position in shares of American Bitcoin during the fourth quarter valued at about $39,000. Forty three Eighteen Advisors LLC acquired a new stake in American Bitcoin in the 4th quarter worth approximately $34,000. Caitong International Asset Management Co. Ltd grew its position in American Bitcoin by 2,180,227.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company's stock worth $815,000 after purchasing an additional 479,650 shares during the last quarter. Aristides Capital LLC purchased a new stake in American Bitcoin during the 4th quarter worth approximately $200,000. Finally, Marathon Trading Investment Management LLC acquired a new position in American Bitcoin during the 4th quarter valued at approximately $67,000. 10.21% of the stock is owned by institutional investors.
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