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

American Bitcoin Corp. (NASDAQ:ABTC) gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $1.59, but opened at $1.6550. American Bitcoin shares last traded at $1.6926, with a volume of 4,772,449 shares changing hands.

Specifically, Director Richard Busch acquired 175,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were acquired at an average price of $1.66 per share, for a total transaction of $290,500.00. Following the completion of the purchase, the director owned 899,975 shares in the company, 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 SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of equities analysts have recently commented on ABTC shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a report on Monday. Wall Street Zen raised American Bitcoin from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Finally, Roth Capital started coverage on American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 target price for the company. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $4.00.

American Bitcoin Trading Up 11.9%

The stock has a market capitalization of $1.65 billion, a P/E ratio of -3.96 and a beta of 3.46. The stock’s fifty day moving average price is $4.07 and its two-hundred day moving average price is $5.51.

Hedge Funds Weigh In On American Bitcoin

A number of hedge funds have recently bought and sold shares of the business. Solari Capital Management LLC bought a new stake in shares of American Bitcoin in the third quarter worth $317,612,000. Murchinson Ltd. boosted its position in American Bitcoin by 271.4% in the first quarter. Murchinson Ltd. now owns 2,403,988 shares of the company’s stock worth $409,000 after purchasing an additional 1,756,649 shares during the last quarter. Vident Advisory LLC bought a new stake in shares of American Bitcoin during the 2nd quarter valued at about $965,000. United Capital Management of KS Inc. bought a new stake in shares of American Bitcoin during the 3rd quarter valued at about $4,886,000. Finally, Millennium Management LLC purchased a new stake in shares of American Bitcoin during the 3rd quarter valued at about $2,787,000. Hedge funds and other 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.