American Bitcoin (NASDAQ:ABTC) Shares Up 7% – Time to Buy?

Shares of American Bitcoin Corp. (NASDAQ:ABTC) shot up 7% during mid-day trading on Thursday . The company traded as high as $8.51 and last traded at $8.4230. Approximately 243,519 shares were traded during trading, a decline of 79% from the average session volume of 1,139,424 shares. The stock had previously closed at $7.87.

Analyst Upgrades and Downgrades

ABTC has been the subject of several recent research reports. 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 objective on American Bitcoin and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $45.00.

American Bitcoin Price Performance

The stock has a 50-day moving average price of $7.00 and a 200-day moving average price of $12.49. The firm has a market capitalization of $668.34 million, a PE ratio of -3.02 and a beta of 3.92.

American Bitcoin (NASDAQ:ABTC) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share 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 for the quarter.

Insiders Place Their Bets

In other news, Director Justin Mateen acquired 162,438 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the purchase, the director directly owned 492,297 shares of the company’s stock, valued at $3,047,318.43. This represents a 49.24% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.57% of the stock is currently owned by corporate insiders.

Institutional Trading of American Bitcoin

Several hedge funds have recently made changes to their positions in ABTC. Hunter Associates Investment Management LLC acquired a new position in American Bitcoin during the 1st quarter valued at about $117,000. J. Derek Lewis & Associates Inc. acquired a new stake in American Bitcoin in the 4th quarter valued at about $39,000. Forty three Eighteen Advisors LLC acquired a new position in shares of American Bitcoin in the 4th quarter worth $34,000. Caitong International Asset Management Co. Ltd raised its stake in American Bitcoin by 2,180,227.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company’s stock valued at $815,000 after purchasing an additional 479,650 shares during the period. Finally, Aristides Capital LLC purchased a new position in American Bitcoin during the 4th quarter valued at about $200,000. Institutional investors own 10.21% of the company’s stock.

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.