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

American Bitcoin Corp. (NASDAQ:ABTC)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $3.58, but opened at $2.74. American Bitcoin shares last traded at $2.20, with a volume of 10,420,606 shares trading hands.

Analyst Upgrades and Downgrades

ABTC has been the subject of several analyst reports. Wall Street Zen raised American Bitcoin from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Tuesday. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, American Bitcoin currently has an average rating of “Reduce”.

American Bitcoin Price Performance

The business’s 50-day moving average price is $5.24 and its 200-day moving average price is $5.85. The firm has a market capitalization of $2.24 billion, a PE ratio of -5.38 and a beta of 3.46.

Institutional Trading of American Bitcoin

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC purchased a new position in shares of American Bitcoin in the 3rd quarter valued at approximately $71,000. Solari Capital Management LLC purchased a new stake in shares of American Bitcoin during the third quarter worth approximately $317,612,000. Qube Research & Technologies Ltd acquired a new stake in shares of American Bitcoin during the third quarter worth $200,000. Prelude Capital Management LLC purchased a new position in American Bitcoin in the 3rd quarter valued at $811,000. Finally, Millennium Management LLC acquired a new position in American Bitcoin in the 3rd quarter valued at $2,787,000. 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.