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

American Bitcoin Corp. (NASDAQ:ABTC) gapped down prior to trading on Friday . The stock had previously closed at $9.34, but opened at $8.96. American Bitcoin shares last traded at $8.4030, with a volume of 291,530 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Maxim Group set a $15.00 target price on American Bitcoin and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Wall Street Zen lowered shares of American Bitcoin from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Three 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $45.00.

American Bitcoin Trading Down 12.3%

The firm has a market cap of $596.61 million, a PE ratio of -2.69 and a beta of 3.92. The firm has a 50 day moving average price of $6.98 and a 200-day moving average price of $12.44.

American Bitcoin (NASDAQ:ABTC) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share for the quarter. The firm 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%.

Insiders Place Their Bets

In related news, Director Justin Mateen purchased 162,438 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were bought at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the purchase, the director directly owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On American Bitcoin

Several large investors have recently bought and sold shares of the stock. CWM LLC grew its holdings in shares of American Bitcoin by 1,031.4% during 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 last quarter. Aptus Capital Advisors LLC acquired a new stake in shares of American Bitcoin in the 4th quarter valued at about $33,000. Forty three Eighteen Advisors LLC acquired a new stake in shares of American Bitcoin in the 4th quarter valued at about $34,000. EverSource Wealth Advisors LLC purchased a new position in American Bitcoin during the 1st quarter worth approximately $37,000. Finally, Kitching Partners LLC purchased a new position in American Bitcoin during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

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.