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

Shares of American Bitcoin Corp. (NASDAQ:ABTC) gapped up prior to trading on Monday . The stock had previously closed at $1.78, but opened at $1.95. American Bitcoin shares last traded at $2.0325, with a volume of 7,618,376 shares traded.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ABTC. Wall Street Zen raised shares of American Bitcoin from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Monday, December 29th. Finally, Roth Capital started coverage on shares of American Bitcoin in a research report on Wednesday, December 10th. They set a “buy” rating and a $4.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, American Bitcoin presently has a consensus rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Price Performance

The stock has a market capitalization of $1.91 billion, a PE ratio of -4.59 and a beta of 3.58. The firm’s 50 day simple moving average is $3.39 and its 200 day simple moving average is $5.27.

Insiders Place Their Bets

In other American Bitcoin news, Director Richard Busch purchased 101,000 shares of the stock in a transaction on Monday, December 22nd. The stock was acquired at an average cost of $1.98 per share, with a total value of $199,980.00. Following the completion of the purchase, the director directly owned 1,000,975 shares of the company’s stock, valued at approximately $1,981,930.50. This trade represents a 11.22% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 15.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On American Bitcoin

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quent Capital LLC bought a new position in American Bitcoin during the 3rd quarter worth approximately $52,000. Bank of America Corp DE purchased a new stake in shares of American Bitcoin during the third quarter valued at approximately $61,000. NewEdge Advisors LLC bought a new position in shares of American Bitcoin in the third quarter worth approximately $71,000. Dimensional Fund Advisors LP purchased a new position in shares of American Bitcoin in the third quarter worth $95,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of American Bitcoin in the third quarter worth $95,000. 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.