American Bitcoin (NASDAQ:ABTC) Shares Up 6.1% – Still a Buy?

Shares of American Bitcoin Corp. (NASDAQ:ABTC) traded up 6.1% during mid-day trading on Wednesday. The stock traded as high as $8.20 and last traded at $8.1450. 209,410 shares traded hands during trading, a decline of 82% from the average session volume of 1,188,495 shares. The stock had previously closed at $7.68.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Maxim Group set a $16.00 price objective on shares of American Bitcoin and gave the stock a “buy” rating in a research report on Monday, October 12th. BTIG Research began coverage on American Bitcoin in a report on Wednesday, September 16th. They set a “buy” rating and a $15.00 target price on the stock. HC Wainwright initiated coverage on American Bitcoin in a report on Monday, October 12th. They set a “buy” rating and a $22.00 target price for the company. Wall Street Zen cut shares of American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a research note on Monday, September 21st. Four 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.25.

American Bitcoin Trading Down 8.0%

The firm’s 50-day moving average is $8.37 and its two-hundred day moving average is $10.77.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings results on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) 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%. On average, equities analysts expect that American Bitcoin Corp. will post 1.24 EPS for the current year.

Insider Buying and Selling

In other American Bitcoin news, Director Justin Mateen purchased 162,438 shares of the stock in a transaction dated Thursday, August 6th. The shares were bought at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the completion of the transaction, the director owned 492,297 shares in the company, valued at $3,047,318.43. This trade represents a 49.24% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On American Bitcoin

Several large investors have recently bought and sold shares of ABTC. Integrated Wealth Concepts LLC lifted its stake in shares of American Bitcoin by 44.8% in the second quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company’s stock valued at $34,000 after buying an additional 15,321 shares during the period. Kingsbury Capital Investment Advisors LLC boosted its stake in American Bitcoin by 142.1% during the second quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock worth $1,629,000 after buying an additional 1,403,547 shares in the last quarter. PCG Wealth Advisors LLC increased its holdings in American Bitcoin by 78.2% in the 2nd quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company’s stock valued at $833,000 after buying an additional 536,325 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of American Bitcoin in the 2nd quarter valued at $273,000. Finally, Maripau Wealth Management LLC acquired a new stake in shares of American Bitcoin during the 1st quarter valued at about $38,000. 10.21% of the stock is currently owned by institutional investors and hedge funds.

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.