American Bitcoin (NASDAQ:ABTC) Shares Gap Down – Should You Sell?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $9.24, but opened at $8.84. American Bitcoin shares last traded at $8.8120, with a volume of 240,613 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on ABTC. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Wall Street Zen cut 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 report on Wednesday, June 24th. Finally, Maxim Group set a $15.00 target price on shares of American Bitcoin and gave the company a “buy” rating in a report on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $45.00.

American Bitcoin Stock Down 8.2%

The company has a 50 day simple moving average of $7.50 and a two-hundred day simple moving average of $12.91. The company has a market capitalization of $617.37 million, a P/E ratio of -2.78 and a beta of 3.86.

American Bitcoin (NASDAQ:ABTC) last announced its earnings results on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. The company 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

In other news, Director Justin Mateen acquired 162,438 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were acquired at an average price of $6.19 per share, for a total transaction 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. The trade was a 49.24% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.57% of the stock is owned by insiders.

Institutional Trading of American Bitcoin

Several institutional investors have recently added to or reduced their stakes in the company. HUB Investment Partners LLC purchased a new position in shares of American Bitcoin during the second quarter valued at approximately $114,000. Moore Capital Management LP purchased a new stake in American Bitcoin in the second quarter worth $88,000. Tidal Investments LLC bought a new stake in shares of American Bitcoin during the second quarter worth $87,000. Vident Advisory LLC bought a new stake in shares of American Bitcoin during the second quarter worth $965,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of American Bitcoin during the third quarter valued at $192,000. 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.