American Bitcoin (NASDAQ:ABTC) Trading 9.6% Higher – Here’s Why

American Bitcoin Corp. (NASDAQ:ABTC) shares were up 9.6% during trading on Thursday . The company traded as high as $8.97 and last traded at $8.9250. Approximately 686,874 shares were traded during trading, a decline of 42% from the average daily volume of 1,180,188 shares. The stock had previously closed at $8.14.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Maxim Group set a $15.00 price objective on American Bitcoin and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Wall Street Zen cut shares of American Bitcoin from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a report on Wednesday, June 24th. Finally, BTIG Research assumed coverage on shares of American Bitcoin in a research report on Wednesday. They issued a “buy” rating and a $15.00 target price for the company. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.50.

American Bitcoin Stock Performance

The stock has a market cap of $660.11 million, a P/E ratio of -2.99 and a beta of 3.92. The firm has a 50-day moving average price of $7.03 and a 200-day moving average price of $11.96.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings results on Monday, August 3rd. The company reported ($0.80) earnings per share for the quarter. The firm had revenue of $67.01 million for 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 American Bitcoin news, Director Justin Mateen bought 162,438 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the acquisition, the director owned 492,297 shares in the company, valued at approximately $3,047,318.43. This represents a 49.24% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC grew its holdings in American Bitcoin by 44.8% in 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 during the period. Kingsbury Capital Investment Advisors LLC lifted its holdings in shares of American Bitcoin by 142.1% during the second quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company’s stock valued at $1,629,000 after purchasing an additional 1,403,547 shares during the last quarter. PCG Wealth Advisors LLC boosted 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 worth $833,000 after purchasing an additional 536,325 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of American Bitcoin in the 2nd quarter worth approximately $273,000. Finally, Maripau Wealth Management LLC purchased a new stake in shares of American Bitcoin in the 1st quarter worth approximately $38,000. 10.21% of the stock is owned by hedge funds and other 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.