American Bitcoin (NASDAQ:ABTC) Trading 8.1% Higher – Still a Buy?

American Bitcoin Corp. (NASDAQ:ABTC) shot up 8.1% during mid-day trading on Friday . The company traded as high as $8.41 and last traded at $8.6830. 171,232 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 1,172,373 shares. The stock had previously closed at $8.03.

Analyst Ratings Changes

ABTC has been the topic of a number of analyst reports. Maxim Group set a $15.00 target price on shares of American Bitcoin and gave the company a “buy” rating in a research note on Tuesday, July 21st. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Finally, Wall Street Zen cut American Bitcoin from a “hold” rating to a “sell” rating in a 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $45.00.

American Bitcoin Trading Up 5.5%

The stock has a market capitalization of $617.08 million, a price-to-earnings ratio of -2.79 and a beta of 3.92. The firm has a 50-day moving average of $6.80 and a 200-day moving average of $12.16.

American Bitcoin (NASDAQ:ABTC) last issued its earnings results on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. The business 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%.

Insider Activity

In other 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 purchased at an average price of $6.19 per share, with a total value of $1,005,491.22. Following the purchase, the director 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.57% of the company’s stock.

Hedge Funds Weigh In On American Bitcoin

Several institutional investors have recently modified their holdings of the business. Solari Capital Management LLC acquired a new stake in shares of American Bitcoin in the third quarter valued at $317,612,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of American Bitcoin during the fourth quarter worth approximately $5,285,000. Providence Capital Advisors LLC acquired a new stake in American Bitcoin in the fourth quarter valued at approximately $4,244,000. State Street Corp lifted its stake in American Bitcoin by 3,933.2% in the fourth quarter. State Street Corp now owns 2,392,690 shares of the company’s stock worth $4,068,000 after acquiring an additional 2,333,365 shares during the last quarter. Finally, Kingsbury Capital Investment Advisors LLC grew its holdings in American Bitcoin by 142.1% during the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock worth $1,629,000 after acquiring an additional 1,403,547 shares in the last quarter. Institutional investors and hedge funds own 10.21% of the company’s stock.

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.