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

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $1.02, but opened at $1.09. American Bitcoin shares last traded at $1.0760, with a volume of 6,995,255 shares trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen raised shares of American Bitcoin from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Roth Mkm began coverage on American Bitcoin in a research report on Wednesday, December 10th. They set a “buy” rating and a $4.00 price target on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research note on Monday, December 29th. Finally, HC Wainwright started coverage on American Bitcoin in a research report on Monday, February 2nd. They set a “buy” rating and a $4.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Stock Performance

The company has a 50 day moving average of $1.54 and a 200 day moving average of $4.17. The firm has a market cap of $978.62 million, a P/E ratio of -2.34 and a beta of 3.77.

Insider Transactions at American Bitcoin

In other American Bitcoin news, Director Richard Busch bought 101,000 shares of the stock in a transaction on Monday, December 22nd. The shares were purchased at an average cost of $1.98 per share, with a total value of $199,980.00. Following the completion of the transaction, the director directly owned 1,000,975 shares of the company’s stock, valued at $1,981,930.50. This represents a 11.22% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 15.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. HUB Investment Partners LLC bought a new stake in American Bitcoin during the second quarter worth approximately $114,000. Moore Capital Management LP bought a new stake in shares of American Bitcoin during the 2nd quarter worth $88,000. Tidal Investments LLC acquired a new position in American Bitcoin in the 2nd quarter valued at $87,000. Vident Advisory LLC acquired a new position in American Bitcoin during the 2nd quarter worth $965,000. Finally, Quent Capital LLC bought a new stake in American Bitcoin during the third quarter valued at about $52,000. 10.21% of the stock is owned by 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.