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

American Bitcoin Corp. (NASDAQ:ABTC) gapped up before the market opened on Wednesday . The stock had previously closed at $1.02, but opened at $1.09. American Bitcoin shares last traded at $1.0760, with a volume of 6,995,255 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ABTC. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a report on Monday, December 29th. Roth Mkm initiated coverage on shares of American Bitcoin in a research note on Wednesday, December 10th. They set a “buy” rating and a $4.00 target price for the company. HC Wainwright initiated coverage on shares of American Bitcoin in a research report on Monday, February 2nd. They issued a “buy” rating and a $4.00 price target on the stock. Finally, Wall Street Zen raised American Bitcoin from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.00.

American Bitcoin Stock Performance

The firm has a 50 day moving average price of $1.54 and a two-hundred day moving average price of $4.17. The company has a market capitalization of $978.62 million, a P/E ratio of -2.34 and a beta of 3.77.

Insider Activity

In other news, Director Richard Busch bought 175,000 shares of American Bitcoin stock in a transaction dated Tuesday, December 16th. The shares were bought at an average price of $1.66 per share, for a total transaction of $290,500.00. Following the purchase, the director owned 899,975 shares of the company’s stock, valued at approximately $1,493,958.50. This trade represents a 24.14% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 15.00% of the company’s stock.

Institutional Trading of American Bitcoin

Several hedge funds have recently modified their holdings of ABTC. Solari Capital Management LLC bought a new stake in shares of American Bitcoin during the third quarter worth $317,612,000. Charles Schwab Investment Management Inc. acquired a new stake in American Bitcoin in the 4th quarter valued at about $5,285,000. Providence Capital Advisors LLC bought a new position in shares of American Bitcoin in the fourth quarter worth about $4,244,000. State Street Corp lifted its position in shares of American Bitcoin by 3,933.2% during the fourth quarter. State Street Corp now owns 2,392,690 shares of the company’s stock worth $4,068,000 after purchasing an additional 2,333,365 shares in the last quarter. Finally, Geode Capital Management LLC bought a new stake in shares of American Bitcoin during the fourth quarter valued at approximately $2,773,000. 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.