American Bitcoin (NASDAQ:ABTC) Sees Strong Trading Volume – What’s Next?

American Bitcoin Corp. (NASDAQ:ABTC) saw an uptick in trading volume on Tuesday . 5,321,581 shares were traded during mid-day trading, an increase of 47% from the previous session’s volume of 3,609,338 shares.The stock last traded at $1.5959 and had previously closed at $1.65.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ABTC. Wall Street Zen upgraded American Bitcoin from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Roth Capital began coverage on American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.00.

American Bitcoin Price Performance

The business has a 50-day moving average of $4.46 and a 200-day moving average of $5.61. The company has a market capitalization of $1.49 billion, a P/E ratio of -3.58 and a beta of 3.46.

Institutional Trading of American Bitcoin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABTC. Solari Capital Management LLC bought a new stake in shares of American Bitcoin in the third quarter valued at about $317,612,000. Murchinson Ltd. raised its holdings in shares of American Bitcoin by 271.4% in the 1st quarter. Murchinson Ltd. now owns 2,403,988 shares of the company’s stock valued at $409,000 after purchasing an additional 1,756,649 shares in the last quarter. Vident Advisory LLC purchased a new stake in shares of American Bitcoin in the 2nd quarter worth approximately $965,000. United Capital Management of KS Inc. bought a new position in shares of American Bitcoin during the third quarter valued at approximately $4,886,000. Finally, Millennium Management LLC bought a new position in shares of American Bitcoin during the third quarter valued at approximately $2,787,000. 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.