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

American Bitcoin Corp. (NASDAQ:ABTC) gapped down before the market opened on Monday . The stock had previously closed at $1.30, but opened at $1.25. American Bitcoin shares last traded at $1.2750, with a volume of 4,855,201 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ABTC. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Friday, March 27th. HC Wainwright began coverage on American Bitcoin in a report on Monday, February 2nd. They set a “buy” rating and a $4.00 price objective for the company. Finally, Zacks Research lowered American Bitcoin from a “hold” rating to a “strong sell” rating in a report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $4.00.

American Bitcoin Price Performance

The firm has a fifty day simple moving average of $1.03 and a two-hundred day simple moving average of $2.54. The firm has a market capitalization of $1.33 billion, a P/E ratio of -1.44 and a beta of 3.75.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings data on Friday, March 27th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The company had revenue of $78.32 million for the quarter, compared to the consensus estimate of $79.64 million. American Bitcoin had a negative net margin of 46.41% and a negative return on equity of 22.09%. On average, research analysts anticipate that American Bitcoin Corp. will post -0.76 EPS for the current year.

Insider Transactions at American Bitcoin

In other news, Director Richard Busch acquired 68,000 shares of American Bitcoin stock in a transaction that occurred on Thursday, March 5th. The stock was bought at an average price of $1.15 per share, with a total value of $78,200.00. Following the completion of the purchase, the director owned 1,398,975 shares in the company, valued at approximately $1,608,821.25. The trade was a 5.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justin Mateen bought 1,800,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were purchased at an average cost of $1.03 per share, for a total transaction of $1,854,000.00. Following the acquisition, the director directly owned 2,524,975 shares in the company, valued at $2,600,724.25. This trade represents a 248.28% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 2,198,000 shares of company stock worth $2,266,100 in the last three months. 15.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. CWM LLC increased its holdings in shares of American Bitcoin by 1,031.4% in the fourth quarter. CWM LLC now owns 17,062 shares of the company’s stock worth $29,000 after purchasing an additional 15,554 shares during the period. Aptus Capital Advisors LLC bought a new stake in American Bitcoin during the fourth quarter valued at $33,000. Forty three Eighteen Advisors LLC bought a new stake in American Bitcoin during the fourth quarter valued at $34,000. Kitching Partners LLC purchased a new position in American Bitcoin during the fourth quarter worth about $37,000. Finally, StoneX Group Inc. bought a new position in American Bitcoin in the 4th quarter worth about $38,000. 10.21% of the stock is currently owned by hedge funds and other institutional investors.

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.