American Bitcoin (NASDAQ:ABTC) Shares Gap Up – What’s Next?

American Bitcoin Corp. (NASDAQ:ABTC) shares gapped up prior to trading on Thursday . The stock had previously closed at $7.90, but opened at $8.46. American Bitcoin shares last traded at $8.5620, with a volume of 563,405 shares traded.

Analyst Ratings Changes

A number of equities research analysts have commented on ABTC shares. Wall Street Zen lowered shares of American Bitcoin from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Zacks Research raised shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Finally, Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a “buy” rating in a research note on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, American Bitcoin has a consensus rating of “Hold” and a consensus target price of $45.00.

American Bitcoin Trading Up 5.5%

The company has a 50 day moving average of $7.83 and a 200 day moving average of $13.26. The firm has a market cap of $607.17 million, a price-to-earnings ratio of -2.73 and a beta of 3.86.

American Bitcoin (NASDAQ:ABTC) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share for the quarter. The company had revenue of $67.01 million during the quarter. American Bitcoin had a negative net margin of 71.75% and a negative return on equity of 29.89%.

Insider Buying and Selling

In other American Bitcoin news, Director Justin Mateen bought 162,438 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the purchase, the director owned 492,297 shares in the company, valued at $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. CWM LLC lifted its position in American Bitcoin by 1,031.4% during the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock worth $29,000 after buying an additional 15,554 shares in the last quarter. Aptus Capital Advisors LLC acquired a new position in American Bitcoin during the fourth quarter valued at approximately $33,000. Forty three Eighteen Advisors LLC bought a new position in American Bitcoin in the fourth quarter valued at approximately $34,000. EverSource Wealth Advisors LLC bought a new position in American Bitcoin in the first quarter valued at approximately $37,000. Finally, Kitching Partners LLC acquired a new position in shares of American Bitcoin during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

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.