American Bitcoin (NASDAQ:ABTC) Trading 12.8% Higher – What’s Next?
by Michael Walen · The Markets DailyAmerican Bitcoin Corp. (NASDAQ:ABTC – Get Free Report)’s share price shot up 12.8% on Wednesday . The stock traded as high as $7.46 and last traded at $7.8290. Approximately 477,945 shares traded hands during trading, a decline of 56% from the average daily volume of 1,081,222 shares. The stock had previously closed at $6.94.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on ABTC shares. Wall Street Zen cut shares of American Bitcoin from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Maxim Group set a $15.00 price objective on American Bitcoin and gave the company a “buy” rating in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, American Bitcoin has an average rating of “Hold” and an average target price of $45.00.
View Our Latest Stock Analysis on American Bitcoin
American Bitcoin Trading Up 15.4%
The business’s fifty day simple moving average is $7.91 and its 200 day simple moving average is $13.37. The stock has a market cap of $583.00 million, a P/E ratio of -2.61 and a beta of 3.86.
American Bitcoin (NASDAQ:ABTC – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share for the quarter. American Bitcoin had a negative net margin of 71.75% and a negative return on equity of 29.89%. The company had revenue of $67.01 million during the quarter.
Insider Activity at American Bitcoin
In related news, Director Justin Mateen purchased 162,438 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average price of $6.19 per share, with a total value of $1,005,491.22. Following the completion of the acquisition, the director directly owned 492,297 shares in the company, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.57% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. CWM LLC increased its stake in shares of American Bitcoin by 1,031.4% in the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock valued at $29,000 after buying an additional 15,554 shares during the period. Aptus Capital Advisors LLC acquired a new position in shares of American Bitcoin during the fourth quarter valued at $33,000. Forty three Eighteen Advisors LLC acquired a new position in shares of American Bitcoin during the fourth quarter valued at $34,000. EverSource Wealth Advisors LLC acquired a new position in shares of American Bitcoin during the first quarter valued at $37,000. Finally, Kitching Partners LLC bought a new position in American Bitcoin in the fourth quarter valued at about $37,000. 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.