American Bitcoin (NASDAQ:ABTC) Stock Price Up 9.8% – Should You Buy?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price traded up 9.8% during trading on Thursday . The company traded as high as $7.63 and last traded at $7.6070. Approximately 398,433 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 1,076,741 shares. The stock had previously closed at $6.93.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ABTC. Wall Street Zen cut shares of American Bitcoin from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Zacks Research raised shares of American Bitcoin from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Maxim Group set a $15.00 price target on shares of American Bitcoin and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $45.00.

American Bitcoin Stock Down 0.8%

The stock has a market capitalization of $528.67 million, a P/E ratio of -2.38 and a beta of 3.86. The firm’s 50 day simple moving average is $8.16 and its two-hundred day simple moving average is $13.66.

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

Insider Buying and Selling

In other news, Director Justin Mateen purchased 162,438 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the purchase, the director owned 492,297 shares in the company, valued at $3,047,318.43. This represents a 49.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.57% of the stock is owned by insiders.

Institutional Investors Weigh In On American Bitcoin

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE acquired a new position in shares of American Bitcoin during the third quarter worth approximately $61,000. NewEdge Advisors LLC bought a new position in shares of American Bitcoin in the 3rd quarter worth $71,000. Dimensional Fund Advisors LP acquired a new stake in American Bitcoin in the 3rd quarter valued at $95,000. Integrated Wealth Concepts LLC acquired a new stake in American Bitcoin in the 3rd quarter valued at $95,000. Finally, CWM LLC increased its stake in American Bitcoin by 1,031.4% during the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock valued at $29,000 after purchasing 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.