American Bitcoin (NASDAQ:ABTC) Shares Up 7.1% – What’s Next?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price was up 7.1% on Thursday . The stock traded as high as $8.66 and last traded at $8.7640. Approximately 244,568 shares traded hands during trading, a decline of 78% from the average session volume of 1,130,876 shares. The stock had previously closed at $8.18.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Wall Street Zen downgraded shares of American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $45.00.

American Bitcoin Trading Down 12.2%

The business’s fifty day moving average price is $7.23 and its two-hundred day moving average price is $12.74. The firm has a market cap of $559.99 million, a P/E ratio of -2.52 and a beta of 3.86.

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

Insider Buying and Selling at American Bitcoin

In related news, Director Justin Mateen purchased 162,438 shares of American Bitcoin stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $6.19 per share, with a total value of $1,005,491.22. Following the completion of the transaction, the director directly owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. This represents a 49.24% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. CWM LLC lifted its holdings in American Bitcoin by 1,031.4% in the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock worth $29,000 after purchasing an additional 15,554 shares during the last quarter. Aptus Capital Advisors LLC bought a new stake in American Bitcoin during the fourth quarter worth approximately $33,000. Forty three Eighteen Advisors LLC acquired a new position in American Bitcoin during the fourth quarter valued at approximately $34,000. EverSource Wealth Advisors LLC acquired a new position in American Bitcoin during the first quarter valued at approximately $37,000. Finally, Kitching Partners LLC bought a new position in shares of American Bitcoin in the fourth quarter valued at approximately $37,000. 10.21% of the stock is owned by 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.