American Bitcoin (NASDAQ:ABTC) Shares Gap Up – Still a Buy?

American Bitcoin Corp. (NASDAQ:ABTCGet Free Report)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $1.02, but opened at $1.09. American Bitcoin shares last traded at $1.0760, with a volume of 6,995,255 shares trading hands.

Key American Bitcoin News

Here are the key news stories impacting American Bitcoin this week:

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ABTC. HC Wainwright began coverage on American Bitcoin in a research report on Monday, February 2nd. They issued a “buy” rating and a $4.00 price objective on the stock. Wall Street Zen upgraded shares of American Bitcoin from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Roth Mkm began coverage on shares of American Bitcoin in a research note on Wednesday, December 10th. They set a “buy” rating and a $4.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.00.

Get Our Latest Analysis on ABTC

American Bitcoin Stock Performance

The company’s fifty day moving average price is $1.51 and its two-hundred day moving average price is $4.11. The firm has a market capitalization of $946.16 million, a PE ratio of -2.27 and a beta of 3.77.

Insider Activity

In other news, Director Richard Busch acquired 101,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was acquired at an average cost of $1.98 per share, for a total transaction of $199,980.00. Following the acquisition, the director directly owned 1,000,975 shares in the company, valued at approximately $1,981,930.50. This represents a 11.22% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 15.00% of the stock is owned by corporate insiders.

Institutional Trading of American Bitcoin

Several large investors have recently bought and sold shares of the company. Quent Capital LLC acquired a new position in shares of American Bitcoin during the third quarter worth $52,000. Bank of America Corp DE acquired a new position in American Bitcoin in the 3rd quarter worth $61,000. NewEdge Advisors LLC purchased a new position in American Bitcoin in the 3rd quarter valued at about $71,000. Dimensional Fund Advisors LP acquired a new stake in shares of American Bitcoin during the third quarter valued at about $95,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of American Bitcoin during the third quarter valued at about $95,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

American Bitcoin Company Profile

(Get Free Report)

Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.

Further Reading

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