American Bitcoin (NASDAQ:ABTC) Shares Gap Up – Should You Buy?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price gapped up before the market opened 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.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ABTC. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Maxim Group set a $15.00 target price on American Bitcoin and gave the stock 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 report on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $45.00.

American Bitcoin Trading Down 6.4%

The stock’s 50-day simple moving average is $7.65 and its 200-day simple moving average is $13.12. The stock has a market cap of $577.46 million, a price-to-earnings ratio of -2.60 and a beta of 3.86.

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

Insider Transactions at American Bitcoin

In related news, Director Justin Mateen acquired 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, for a total transaction of $1,005,491.22. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.57% of the stock is owned by corporate insiders.

Institutional Trading of American Bitcoin

Institutional investors have recently modified their holdings of the stock. HUB Investment Partners LLC acquired a new stake in shares of American Bitcoin during the 2nd quarter worth $114,000. Moore Capital Management LP acquired a new position in American Bitcoin in the second quarter valued at about $88,000. Tidal Investments LLC acquired a new position in American Bitcoin in the second quarter valued at about $87,000. Vident Advisory LLC bought a new stake in American Bitcoin during the second quarter worth about $965,000. Finally, JPMorgan Chase & Co. bought a new stake in American Bitcoin during the third quarter worth about $192,000. 10.21% of the stock is currently owned by 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.