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

American Bitcoin Corp. (NASDAQ:ABTC) gapped up before the market opened on Tuesday . The stock had previously closed at $0.79, but opened at $0.8792. American Bitcoin shares last traded at $0.8140, with a volume of 2,994,203 shares changing hands.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ABTC shares. Roth Mkm assumed coverage on shares of American Bitcoin in a research report on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price target on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research report on Friday. HC Wainwright assumed coverage on shares of American Bitcoin in a research note on Monday, February 2nd. They issued a “buy” rating and a $4.00 price objective for the company. Finally, Zacks Research downgraded shares of American Bitcoin from a “hold” rating to a “strong sell” rating in a report on Friday. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, American Bitcoin has a consensus rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Price Performance

The firm has a market cap of $742.08 million, a P/E ratio of -0.92 and a beta of 3.81. The stock’s 50-day simple moving average is $1.17 and its two-hundred day simple moving average is $3.15.

American Bitcoin (NASDAQ:ABTC) last released its earnings results on Friday, March 27th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.09). American Bitcoin had a negative return on equity of 36.38% and a negative net margin of 46.41%.The firm had revenue of $78.32 million during the quarter, compared to the consensus estimate of $79.64 million. As a group, sell-side analysts expect that American Bitcoin Corp. will post -0.76 earnings per share for the current year.

Insider Activity

In other American Bitcoin news, Director Justin Mateen bought 1,800,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was acquired at an average price of $1.03 per share, for a total transaction of $1,854,000.00. Following the completion of the transaction, the director directly owned 2,524,975 shares of the company’s stock, valued at approximately $2,600,724.25. This represents a 248.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard Busch bought 68,000 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were acquired at an average price of $1.15 per share, with a total value of $78,200.00. Following the transaction, the director directly owned 1,398,975 shares of the company’s stock, valued at approximately $1,608,821.25. This trade represents a 5.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 2,198,000 shares of company stock valued at $2,266,100. 15.00% of the stock is owned by insiders.

Hedge Funds Weigh In On American Bitcoin

A number of large investors have recently bought and sold shares of ABTC. CWM LLC increased its stake in 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 purchasing an additional 15,554 shares during the period. Aptus Capital Advisors LLC purchased a new stake in shares of American Bitcoin during the fourth quarter valued at $33,000. Forty three Eighteen Advisors LLC bought a new position in shares of American Bitcoin in the fourth quarter worth about $34,000. Kitching Partners LLC bought a new position in shares of American Bitcoin in the fourth quarter worth about $37,000. Finally, StoneX Group Inc. purchased a new position in American Bitcoin in the 4th quarter worth about $38,000. Hedge funds and other institutional investors 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.