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

American Bitcoin Corp. (NASDAQ:ABTC)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $0.79, but opened at $0.8792. American Bitcoin shares last traded at $0.8140, with a volume of 2,994,203 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Friday. HC Wainwright began coverage on American Bitcoin in a report on Monday, February 2nd. They issued a “buy” rating and a $4.00 price target for the company. Zacks Research cut American Bitcoin from a “hold” rating to a “strong sell” rating in a research note on Friday. Finally, Roth Mkm assumed coverage on American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, American Bitcoin has a consensus rating of “Hold” and a consensus target price of $4.00.

American Bitcoin Stock Up 1.3%

The stock has a market capitalization of $742.08 million, a P/E ratio of -0.92 and a beta of 3.81. The stock’s 50 day moving average price is $1.17 and its 200-day moving average price is $3.15.

American Bitcoin (NASDAQ:ABTC) last issued its quarterly earnings data on Friday, March 27th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The business had revenue of $78.32 million during the quarter, compared to the consensus estimate of $79.64 million. American Bitcoin had a negative return on equity of 36.38% and a negative net margin of 46.41%. Analysts anticipate that American Bitcoin Corp. will post -0.76 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Justin Mateen purchased 1,800,000 shares of American Bitcoin stock in a transaction dated Tuesday, March 3rd. The stock was purchased at an average cost of $1.03 per share, with a total value of $1,854,000.00. Following the transaction, the director owned 2,524,975 shares in the company, valued at approximately $2,600,724.25. The trade was a 248.28% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Busch acquired 240,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were bought at an average price of $0.96 per share, with a total value of $230,400.00. Following the completion of the purchase, the director directly owned 1,240,975 shares in the company, valued at $1,191,336. The trade was a 23.98% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 2,198,000 shares of company stock worth $2,266,100 over the last quarter. Company insiders own 15.00% of the company’s stock.

Institutional Trading of American Bitcoin

Hedge funds have recently modified their holdings of the company. United Capital Management of KS Inc. purchased a new position in shares of American Bitcoin in the 3rd quarter worth approximately $4,886,000. Moloney Securities Asset Management LLC purchased a new stake in American Bitcoin during the third quarter valued at approximately $178,000. Quent Capital LLC acquired a new stake in American Bitcoin in the third quarter valued at approximately $52,000. Caitong International Asset Management Co. Ltd boosted its stake in American Bitcoin by 530,245.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 116,676 shares of the company’s stock valued at $198,000 after acquiring an additional 116,654 shares in the last quarter. Finally, Foundations Investment Advisors LLC purchased a new position in American Bitcoin in the fourth quarter worth $221,000. 10.21% of the stock is owned by hedge funds and other institutional investors.

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.