American Bitcoin (NASDAQ:ABTC) Director Richard Busch Purchases 175,000 Shares of Stock

American Bitcoin Corp. (NASDAQ:ABTC) Director Richard Busch purchased 175,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was bought at an average cost of $1.66 per share, for a total transaction of $290,500.00. Following the purchase, the director owned 899,975 shares in the company, valued at $1,493,958.50. This represents a 24.14% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

American Bitcoin Price Performance

ABTC stock opened at $1.59 on Friday. The business has a fifty day moving average price of $4.15 and a 200 day moving average price of $5.54. American Bitcoin Corp. has a fifty-two week low of $0.63 and a fifty-two week high of $14.65. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -3.53 and a beta of 3.46.

Institutional Trading of American Bitcoin

Hedge funds have recently bought and sold shares of the business. Murchinson Ltd. grew its stake in 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 buying an additional 1,756,649 shares in the last quarter. EWA LLC purchased a new position in shares of American Bitcoin during the second quarter worth about $29,000. Integrated Wealth Concepts LLC bought a new position in shares of American Bitcoin in the 3rd quarter worth $95,000. Bank of America Corp DE purchased a new stake in American Bitcoin during the third quarter valued at about $61,000. Finally, Dimensional Fund Advisors LP bought a new stake in American Bitcoin in the 3rd quarter worth approximately $95,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

Wall Street Analyst Weigh In

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

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.