American Bitcoin (NASDAQ:ABTC) Stock Price Up 13.3% – Here’s What Happened

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price rose 13.3% during trading on Wednesday . The stock traded as high as $1.43 and last traded at $1.4050. Approximately 5,273,244 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 13,734,349 shares. The stock had previously closed at $1.24.

Wall Street Analyst Weigh In

Several research firms recently commented on ABTC. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Friday, March 27th. Zacks Research lowered shares of American Bitcoin from a “hold” rating to a “strong sell” rating in a research note on Friday, March 27th. Finally, HC Wainwright began coverage on shares of American Bitcoin in a research note on Monday, February 2nd. They set a “buy” rating and a $4.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $4.00.

American Bitcoin Trading Up 12.5%

The company has a market cap of $1.48 billion, a PE ratio of -1.60 and a beta of 3.75. The firm’s 50-day simple moving average is $1.03 and its two-hundred day simple moving average is $2.46.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings data on Friday, March 27th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.09). The business had revenue of $78.32 million during the quarter, compared to analysts’ expectations of $79.64 million. American Bitcoin had a negative net margin of 46.41% and a negative return on equity of 22.09%. As a group, analysts predict that American Bitcoin Corp. will post 0.01 EPS for the current year.

Insider Buying and Selling at American Bitcoin

In other American Bitcoin news, Director Richard Busch acquired 68,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were acquired at an average cost of $1.15 per share, with a total value of $78,200.00. Following the acquisition, the director directly owned 1,398,975 shares of the company’s stock, valued at approximately $1,608,821.25. The trade was a 5.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Justin Mateen acquired 1,800,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was acquired at an average cost of $1.03 per share, for a total transaction of $1,854,000.00. Following the completion of the acquisition, the director directly owned 2,524,975 shares in the company, valued at approximately $2,600,724.25. The trade was a 248.28% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 2,198,000 shares of company stock worth $2,266,100 over the last ninety days. Insiders own 15.00% of the company’s stock.

Institutional Trading of American Bitcoin

A number of hedge funds have recently added to or reduced their stakes in ABTC. HUB Investment Partners LLC purchased a new stake in American Bitcoin during the second quarter worth $114,000. Moore Capital Management LP purchased a new stake in American Bitcoin during the second quarter worth $88,000. Tidal Investments LLC purchased a new stake in American Bitcoin during the second quarter worth $87,000. Vident Advisory LLC purchased a new stake in American Bitcoin during the second quarter worth $965,000. Finally, Quent Capital LLC purchased a new stake in American Bitcoin during the third quarter worth $52,000. 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.