American Bitcoin (NASDAQ:ABTC) Shares Up 7.1% – Time to Buy?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price was up 7.1% during trading on Thursday . The company traded as high as $8.66 and last traded at $8.7640. Approximately 244,568 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 1,130,876 shares. The stock had previously closed at $8.18.

Wall Street Analysts Forecast Growth

ABTC has been the subject of several research reports. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Wednesday, June 24th. Maxim Group set a $15.00 target price on American Bitcoin and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen cut American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $45.00.

American Bitcoin Stock Up 12.7%

The stock has a market cap of $671.04 million, a P/E ratio of -3.02 and a beta of 3.86. The business’s 50-day simple moving average is $7.41 and its two-hundred day simple moving average is $12.85.

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

Insider Buying and Selling

In other American Bitcoin news, Director Justin Mateen acquired 162,438 shares of American Bitcoin stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the purchase, the director owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. This represents a 49.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE bought a new stake in shares of American Bitcoin during the 3rd quarter valued at $61,000. NewEdge Advisors LLC bought a new position in American Bitcoin in the 3rd quarter worth about $71,000. Dimensional Fund Advisors LP bought a new position in American Bitcoin in the 3rd quarter worth about $95,000. Integrated Wealth Concepts LLC purchased a new position in American Bitcoin during the 3rd quarter valued at about $95,000. Finally, CWM LLC grew its holdings in American Bitcoin by 1,031.4% during the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock valued at $29,000 after buying an additional 15,554 shares in the last quarter. 10.21% of the stock is 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.