American Bitcoin (NASDAQ:ABTC) Sees Unusually-High Trading Volume – Time to Buy?

Shares of American Bitcoin Corp. (NASDAQ:ABTC) saw strong trading volume on Friday . 834,416 shares were traded during trading, a decline of 24% from the previous session’s volume of 1,098,108 shares.The stock last traded at $8.83 and had previously closed at $8.47.

Analysts Set New Price Targets

ABTC has been the subject of a number of recent analyst reports. Zacks Research upgraded American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Wednesday, June 24th. Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen lowered shares of American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $45.00.

American Bitcoin Trading Down 5.5%

The company has a market cap of $582.56 million, a P/E ratio of -2.62 and a beta of 3.86. The business’s fifty day moving average is $7.75 and its 200 day moving average is $13.16.

American Bitcoin (NASDAQ:ABTC) last posted 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 firm had revenue of $67.01 million during the quarter.

Insider Activity

In other news, Director Justin Mateen purchased 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, with a total value of $1,005,491.22. Following the transaction, the director directly owned 492,297 shares of the company’s stock, valued at approximately $3,047,318.43. This represents a 49.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On American Bitcoin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABTC. CWM LLC raised its stake in 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 acquiring an additional 15,554 shares during the period. Aptus Capital Advisors LLC purchased a new position in shares of American Bitcoin in the fourth quarter worth about $33,000. Forty three Eighteen Advisors LLC purchased a new position in shares of American Bitcoin in the fourth quarter worth about $34,000. EverSource Wealth Advisors LLC bought a new stake in shares of American Bitcoin in the first quarter valued at approximately $37,000. Finally, Kitching Partners LLC bought a new stake in shares of American Bitcoin in the fourth quarter valued at approximately $37,000. 10.21% of the stock is currently 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.