American Bitcoin (NASDAQ:ABTC) Stock Price Up 9% – Time to Buy?

American Bitcoin Corp. (NASDAQ:ABTC)’s share price traded up 9% during mid-day trading on Friday. The company traded as high as $9.15 and last traded at $8.9190. Approximately 382,206 shares were traded during mid-day trading, a decline of 68% from the average session volume of 1,204,097 shares. The stock had previously closed at $8.18.

Analyst Ratings Changes

Several analysts have recently issued reports on ABTC shares. Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a “buy” rating in a research report on Tuesday, July 21st. BTIG Research assumed coverage on shares of American Bitcoin in a research note on Wednesday, September 16th. They issued a “buy” rating and a $15.00 price objective for the company. Wall Street Zen cut shares of American Bitcoin from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research report on Monday, September 21st. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, American Bitcoin currently has a consensus rating of “Moderate Buy” and an average target price of $37.50.

American Bitcoin Stock Up 2.9%

The company has a 50-day moving average price of $7.80 and a two-hundred day moving average price of $11.42. The stock has a market capitalization of $613.07 million, a P/E ratio of -2.77 and a beta of 3.96.

American Bitcoin (NASDAQ:ABTC) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. The firm had revenue of $67.01 million for 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 purchased 162,438 shares of the stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $6.19 per share, with a total value of $1,005,491.22. Following the acquisition, the director directly owned 492,297 shares in the company, valued at approximately $3,047,318.43. The trade was a 49.24% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On American Bitcoin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC lifted its position in American Bitcoin by 44.8% during the second quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company’s stock valued at $34,000 after purchasing an additional 15,321 shares during the last quarter. Kingsbury Capital Investment Advisors LLC raised its position in shares of American Bitcoin by 142.1% during the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock valued at $1,629,000 after buying an additional 1,403,547 shares in the last quarter. PCG Wealth Advisors LLC raised its position in shares of American Bitcoin by 78.2% during the 2nd quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company’s stock valued at $833,000 after buying an additional 536,325 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of American Bitcoin during the 2nd quarter worth $273,000. Finally, Maripau Wealth Management LLC purchased a new position in American Bitcoin in the first quarter worth $38,000. 10.21% of the stock is 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.