American Bitcoin (NASDAQ:ABTC) Trading 7% Higher – Still a Buy?

Shares of American Bitcoin Corp. (NASDAQ:ABTC) shot up 7% during mid-day trading on Thursday . The stock traded as high as $8.51 and last traded at $8.4230. 243,519 shares traded hands during trading, a decline of 79% from the average daily volume of 1,139,424 shares. The stock had previously closed at $7.87.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Maxim Group set a $15.00 price objective on American Bitcoin and gave the company a “buy” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen cut shares of American Bitcoin from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, American Bitcoin currently has an average rating of “Hold” and a consensus price target of $45.00.

American Bitcoin Stock Down 14.5%

The stock has a fifty day moving average price of $6.92 and a two-hundred day moving average price of $12.41. The company has a market capitalization of $581.83 million, a price-to-earnings ratio of -2.62 and a beta of 3.92.

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

Insider Buying and Selling at American Bitcoin

In related news, Director Justin Mateen bought 162,438 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the completion of the transaction, the director owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. The trade was a 49.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ABTC. Bank of America Corp DE purchased a new stake in shares of American Bitcoin during the 3rd quarter worth about $61,000. NewEdge Advisors LLC acquired a new stake in American Bitcoin during the 3rd quarter valued at $71,000. Dimensional Fund Advisors LP purchased a new stake in shares of American Bitcoin during the third quarter worth about $95,000. Integrated Wealth Concepts LLC purchased a new stake in American Bitcoin during the 3rd quarter worth approximately $95,000. Finally, CWM LLC increased its stake 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 buying an additional 15,554 shares during the last quarter. 10.21% of the stock is owned by hedge funds and other institutional investors.

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.