American Bitcoin (NASDAQ:ABTC) Shares Gap Up – Here’s Why

American Bitcoin Corp. (NASDAQ:ABTC) gapped up before the market opened on Wednesday. The stock had previously closed at $8.72, but opened at $9.05. American Bitcoin shares last traded at $8.6740, with a volume of 182,611 shares.

Analyst Ratings Changes

Several brokerages have recently issued reports on ABTC. BTIG Research began coverage on shares of American Bitcoin in a research note on Wednesday, September 16th. They issued a “buy” rating and a $15.00 price objective on the stock. Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a “buy” rating in a report on Tuesday, July 21st. Wall Street Zen lowered shares of American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research report on Monday, September 21st. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.50.

American Bitcoin Price Performance

The stock has a market capitalization of $625.23 million, a price-to-earnings ratio of -2.82 and a beta of 3.92. The firm has a 50 day simple moving average of $7.72 and a 200-day simple moving average of $11.52.

American Bitcoin (NASDAQ:ABTC) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share (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 at American Bitcoin

In other news, Director Justin Mateen bought 162,438 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was bought at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the transaction, the director directly owned 492,297 shares in the company, valued at $3,047,318.43. The trade was a 49.24% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.57% of the company’s stock.

Institutional Investors Weigh In On American Bitcoin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABTC. Integrated Wealth Concepts LLC boosted its position in shares of American Bitcoin by 44.8% during the second 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 in the last quarter. Kingsbury Capital Investment Advisors LLC increased its position in shares of American Bitcoin by 142.1% in the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock valued at $1,629,000 after buying an additional 1,403,547 shares in the last quarter. PCG Wealth Advisors LLC increased its position in shares of American Bitcoin by 78.2% in the 2nd quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company’s stock valued at $833,000 after buying an additional 536,325 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in American Bitcoin during the 2nd quarter worth $273,000. Finally, Maripau Wealth Management LLC acquired a new stake in American Bitcoin during the 1st quarter worth $38,000. Institutional investors 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.