American Bitcoin gains; BTIG initiates coverage with 'buy'
ABTC•BTIG starts coverage with a buy rating
Shares of American Bitcoin ABTC.O gain 2.6% to $8.20 in premarket trading after BTIG initiates coverage on the stock with a buy rating.
BTIG says the company's low-cost bitcoin mining model “should make it an attractive way to invest in BTC” and expects ABTC to “outgrow many of its competitors in terms of its BTC stack” on the back of its “crypto mining operations and continued strategic BTC acquisitions.”
The firm also sets a price target of $15.
Recent results and year-to-date performance
In August, the company reported a bigger Q2 net loss on price decline.
Up to last day's close, shares were down 68.7% this year.
