American Bitcoin (NASDAQ:ABTC) Stock Price Down 3.9% – Here’s What Happened

American Bitcoin Corp. (NASDAQ:ABTC) shares fell 3.9% during trading on Thursday . The company traded as low as $1.58 and last traded at $1.5850. 8,622,783 shares traded hands during mid-day trading, an increase of 132% from the average session volume of 3,710,764 shares. The stock had previously closed at $1.65.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Roth Capital began coverage on American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 target price on the stock. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Monday. Finally, Wall Street Zen upgraded American Bitcoin from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, American Bitcoin currently has an average rating of “Hold” and an average target price of $4.00.

American Bitcoin Stock Up 11.9%

The business’s fifty day moving average is $4.07 and its two-hundred day moving average is $5.51. The stock has a market capitalization of $1.65 billion, a PE ratio of -3.96 and a beta of 3.46.

Insider Buying and Selling at American Bitcoin

In other news, Director Richard Busch bought 175,000 shares of American Bitcoin stock in a transaction dated Tuesday, December 16th. The shares were acquired at an average price of $1.66 per share, with a total value of $290,500.00. Following the completion of the purchase, the director owned 899,975 shares in the company, valued at $1,493,958.50. The trade was a 24.14% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 15.00% of the company’s stock.

Institutional Trading of American Bitcoin

Institutional investors and hedge funds have recently modified their holdings of the stock. Murchinson Ltd. boosted its position in shares of American Bitcoin by 271.4% in the 1st quarter. Murchinson Ltd. now owns 2,403,988 shares of the company’s stock worth $409,000 after purchasing an additional 1,756,649 shares in the last quarter. EWA LLC purchased a new stake in American Bitcoin in the second quarter valued at about $29,000. HUB Investment Partners LLC acquired a new stake in American Bitcoin in the second quarter worth about $114,000. Integrated Wealth Concepts LLC acquired a new stake in American Bitcoin in the third quarter worth about $95,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of American Bitcoin during the third quarter worth about $95,000. 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.