American Bitcoin (NASDAQ:ABTC) Shares Gap Down – Time to Sell?

American Bitcoin Corp. (NASDAQ:ABTC) shares gapped down before the market opened on Wednesday . The stock had previously closed at $9.24, but opened at $8.84. American Bitcoin shares last traded at $8.8120, with a volume of 240,613 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ABTC shares. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Wall Street Zen lowered shares of American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, American Bitcoin presently has an average rating of “Hold” and an average price target of $45.00.

American Bitcoin Price Performance

The company has a market capitalization of $617.37 million, a PE ratio of -2.78 and a beta of 3.86. The company’s fifty day moving average is $7.50 and its 200-day moving average is $12.91.

American Bitcoin (NASDAQ:ABTC) last posted its earnings results on Monday, August 3rd. The company reported ($0.80) earnings per share for the quarter. The company had revenue of $67.01 million for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%.

Insider Activity at American Bitcoin

In related news, Director Justin Mateen acquired 162,438 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the purchase, the director directly owned 492,297 shares of the company’s stock, valued at $3,047,318.43. This trade represents a 49.24% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

Large investors have recently added to or reduced their stakes in the company. Solari Capital Management LLC bought a new stake in shares of American Bitcoin in the 3rd quarter valued at about $317,612,000. Charles Schwab Investment Management Inc. purchased a new stake in American Bitcoin during the fourth quarter valued at approximately $5,285,000. Providence Capital Advisors LLC purchased a new stake in American Bitcoin during the fourth quarter valued at approximately $4,244,000. State Street Corp boosted its stake in American Bitcoin by 3,933.2% in the fourth quarter. State Street Corp now owns 2,392,690 shares of the company’s stock valued at $4,068,000 after acquiring an additional 2,333,365 shares in the last quarter. Finally, Kingsbury Capital Investment Advisors LLC boosted its stake in American Bitcoin by 142.1% in the second quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock valued at $1,629,000 after acquiring an additional 1,403,547 shares in the last quarter. 10.21% of the stock is currently owned by institutional investors.

American Bitcoin Company Profile

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