American Bitcoin (NASDAQ:ABTC) Trading 9.8% Higher – Time to Buy?

American Bitcoin Corp. (NASDAQ:ABTC) shares traded up 9.8% during trading on Thursday . The company traded as high as $7.63 and last traded at $7.6070. 398,433 shares were traded during trading, a decline of 63% from the average daily volume of 1,076,741 shares. The stock had previously closed at $6.93.

Wall Street Analysts Forecast Growth

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

American Bitcoin Stock Up 5.4%

The firm has a 50-day moving average of $8.40 and a two-hundred day moving average of $13.82. The company has a market capitalization of $531.95 million, a PE ratio of -2.40 and a beta of 3.86.

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

Insider Activity at American Bitcoin

In other American Bitcoin news, Director Justin Mateen bought 162,438 shares of American Bitcoin stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the purchase, the director directly owned 492,297 shares in the company, valued at $3,047,318.43. This represents a 49.24% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 2.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On American Bitcoin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Solari Capital Management LLC purchased a new position in American Bitcoin in the 3rd quarter valued at $317,612,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of American Bitcoin in the fourth quarter valued at about $5,285,000. Providence Capital Advisors LLC purchased a new position in shares of American Bitcoin in the fourth quarter worth about $4,244,000. State Street Corp boosted its position in American Bitcoin by 3,933.2% during the fourth quarter. State Street Corp now owns 2,392,690 shares of the company’s stock worth $4,068,000 after acquiring an additional 2,333,365 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in American Bitcoin during the 1st quarter valued at about $1,589,000. 10.21% of the stock is owned by hedge funds and other institutional investors.

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.