American Bitcoin (NASDAQ:ABTC) Trading Up 12.8% – What’s Next?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price was up 12.8% on Wednesday . The stock traded as high as $7.46 and last traded at $7.8290. 477,945 shares changed hands during trading, a decline of 56% from the average daily volume of 1,081,222 shares. The stock had previously closed at $6.94.

Analysts Set New Price Targets

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

American Bitcoin Stock Performance

The company has a 50-day moving average price of $7.91 and a 200-day moving average price of $13.37. The firm has a market capitalization of $583.00 million, a P/E ratio of -2.61 and a beta of 3.86.

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

Insider Activity

In related news, Director Justin Mateen bought 162,438 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the transaction, the director owned 492,297 shares of the company’s stock, valued at $3,047,318.43. This represents a 49.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.57% of the company’s stock.

Institutional Trading of American Bitcoin

Hedge funds have recently modified their holdings of the company. Hunter Associates Investment Management LLC acquired a new position in shares of American Bitcoin in the 1st quarter valued at $117,000. J. Derek Lewis & Associates Inc. bought a new stake in shares of American Bitcoin in the 4th quarter valued at $39,000. Forty three Eighteen Advisors LLC acquired a new stake in American Bitcoin during the 4th quarter worth $34,000. Caitong International Asset Management Co. Ltd raised its stake in American Bitcoin by 2,180,227.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company’s stock worth $815,000 after buying an additional 479,650 shares during the period. Finally, Aristides Capital LLC acquired a new stake in American Bitcoin during the 4th quarter worth $200,000. 10.21% of the stock is currently 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.