American Bitcoin (NASDAQ:ABTC) Shares Gap Up on Insider Buying Activity

Shares of American Bitcoin Corp. (NASDAQ:ABTC) gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $6.47, but opened at $7.35. American Bitcoin shares last traded at $7.2530, with a volume of 421,812 shares changing hands.

Specifically, Director Justin Mateen purchased 162,438 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was acquired at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the transaction, the director directly owned 492,297 shares in the company, valued at approximately $3,047,318.43. This represents a 49.24% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Justin Mateen acquired 144,543 shares of American Bitcoin stock in a transaction dated Wednesday, August 5th. The shares were bought at an average cost of $6.40 per share, for a total transaction of $925,075.20. Following the completion of the purchase, the director directly owned 329,859 shares of the company’s stock, valued at approximately $2,111,097.60. The trade was a 78.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ABTC shares. Zacks Research raised American Bitcoin from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Wall Street Zen lowered American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday. Maxim Group set a $15.00 price target on American Bitcoin and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Three investment 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $45.00.

American Bitcoin Trading Up 11.2%

The firm has a market cap of $523.94 million, a PE ratio of -2.35 and a beta of 3.86. The firm has a fifty day simple moving average of $8.88 and a two-hundred day simple moving average of $14.17.

American Bitcoin (NASDAQ:ABTC) last posted its earnings results on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) for the quarter. The business 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%.

Institutional Trading of American Bitcoin

Several large investors have recently added to or reduced their stakes in ABTC. Bank of America Corp DE purchased a new stake in shares of American Bitcoin in the 3rd quarter worth about $61,000. NewEdge Advisors LLC bought a new stake in shares of American Bitcoin during the 3rd quarter valued at about $71,000. Dimensional Fund Advisors LP purchased a new position in shares of American Bitcoin during the third quarter valued at about $95,000. Integrated Wealth Concepts LLC purchased a new position in shares of American Bitcoin during the third quarter valued at about $95,000. Finally, CWM LLC raised its stake in American Bitcoin by 1,031.4% in the fourth quarter. CWM LLC now owns 17,062 shares of the company’s stock worth $29,000 after buying an additional 15,554 shares in the last quarter. Institutional investors 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.