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

Shares of American Bitcoin Corp. (NASDAQ:ABTC) gapped up prior to trading on Friday . The stock had previously closed at $8.83, but opened at $9.17. American Bitcoin shares last traded at $9.7930, with a volume of 453,762 shares.

Analysts Set New Price Targets

ABTC has been the subject of several research reports. Maxim Group set a $15.00 price objective on shares of American Bitcoin and gave the company a “buy” rating in a report on Tuesday, July 21st. Wall Street Zen cut American Bitcoin from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Finally, BTIG Research assumed coverage on American Bitcoin in a research note on Wednesday. They set a “buy” rating and a $15.00 price target for the company. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, American Bitcoin currently has an average rating of “Moderate Buy” and an average target price of $37.50.

American Bitcoin Price Performance

The company has a market cap of $708.54 million, a P/E ratio of -3.20 and a beta of 3.92. The firm’s 50-day moving average is $7.09 and its two-hundred day moving average is $11.92.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) EPS 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 for the quarter.

Insider Activity

In other American Bitcoin news, Director Justin Mateen purchased 162,438 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $6.19 per share, with a total value of $1,005,491.22. Following the acquisition, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.57% of the company’s stock.

Institutional Investors Weigh In On American Bitcoin

Large investors have recently added to or reduced their stakes in the stock. Forty three Eighteen Advisors LLC purchased a new stake in American Bitcoin during the fourth quarter valued at approximately $34,000. Integrated Wealth Concepts LLC boosted its holdings in shares of American Bitcoin by 44.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 49,517 shares of the company’s stock worth $34,000 after purchasing an additional 15,321 shares during the period. EverSource Wealth Advisors LLC bought a new position in shares of American Bitcoin during the 1st quarter valued at approximately $37,000. Maripau Wealth Management LLC bought a new position in shares of American Bitcoin during the 1st quarter valued at approximately $38,000. Finally, J. Derek Lewis & Associates Inc. bought a new position in shares of American Bitcoin during the 4th quarter valued at approximately $39,000. 10.21% of the stock is 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.