American Bitcoin (NASDAQ:ABTC) Trading Down 3.6% – Time to Sell?

American Bitcoin Corp. (NASDAQ:ABTC) shares fell 3.6% on Tuesday . The stock traded as low as $1.73 and last traded at $1.7450. 3,198,839 shares changed hands during trading, a decline of 19% from the average session volume of 3,953,100 shares. The stock had previously closed at $1.81.

Analyst Ratings Changes

ABTC has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research note on Monday, December 22nd. Wall Street Zen raised American Bitcoin from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Finally, Roth Capital started coverage on American Bitcoin in a research note on Wednesday, December 10th. They set a “buy” rating and a $4.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $4.00.

American Bitcoin Stock Performance

The business has a 50 day moving average of $3.65 and a two-hundred day moving average of $5.35. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -3.88 and a beta of 3.46.

Insiders Place Their Bets

In related news, Director Richard Busch bought 175,000 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were bought at an average price of $1.66 per share, for a total transaction of $290,500.00. Following the completion of the acquisition, the director directly owned 899,975 shares of the company’s stock, valued at $1,493,958.50. This trade represents a 24.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

Several hedge funds have recently modified their holdings of the company. EWA LLC purchased a new position in shares of American Bitcoin in the 2nd quarter worth approximately $29,000. Quent Capital LLC purchased a new position in American Bitcoin in the third quarter worth $52,000. Bank of America Corp DE bought a new position in American Bitcoin in the 3rd quarter valued at $61,000. NewEdge Advisors LLC bought a new stake in shares of American Bitcoin during the 3rd quarter worth $71,000. Finally, Tidal Investments LLC purchased a new stake in American Bitcoin during the second quarter worth about $87,000. 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.