American Bitcoin (NASDAQ:ABTC) Sees Strong Trading Volume – Here’s What Happened

American Bitcoin Corp. (NASDAQ:ABTC) saw unusually-strong trading volume on Monday . Approximately 3,779,362 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 3,841,977 shares.The stock last traded at $1.94 and had previously closed at $1.78.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Monday. Roth Capital began coverage on American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price objective for the company. Finally, Wall Street Zen upgraded shares of American Bitcoin from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, American Bitcoin has an average rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Stock Performance

The company has a 50-day moving average of $3.91 and a 200-day moving average of $5.46. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of -4.18 and a beta of 3.46.

Insider Activity

In related news, Director Richard Busch purchased 175,000 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was acquired at an average price of $1.66 per share, for a total transaction of $290,500.00. Following the completion of the purchase, the director directly owned 899,975 shares of the company’s stock, valued at $1,493,958.50. This trade represents a 24.14% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

Several institutional investors have recently bought and sold shares of the company. Solari Capital Management LLC purchased a new position in American Bitcoin during the 3rd quarter worth $317,612,000. Murchinson Ltd. increased its stake in shares of American Bitcoin by 271.4% during the first quarter. Murchinson Ltd. now owns 2,403,988 shares of the company’s stock worth $409,000 after acquiring an additional 1,756,649 shares during the period. Vident Advisory LLC purchased a new position in American Bitcoin during the second quarter worth about $965,000. United Capital Management of KS Inc. acquired a new stake in American Bitcoin in the third quarter valued at about $4,886,000. Finally, Millennium Management LLC purchased a new stake in American Bitcoin in the 3rd quarter valued at approximately $2,787,000. 10.21% of the stock is owned by institutional investors and hedge funds.

About American Bitcoin

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