American Bitcoin (NASDAQ:ABTC) Shares Up 8.6% on Insider Buying Activity

Shares of American Bitcoin Corp. (NASDAQ:ABTC) were up 8.6% on Tuesday after an insider bought additional shares in the company. The stock traded as high as $1.20 and last traded at $1.1950. Approximately 12,178,477 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 13,434,126 shares. The stock had previously closed at $1.10.

Specifically, Director Richard Busch acquired 68,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were purchased at an average cost of $1.15 per share, for a total transaction of $78,200.00. Following the completion of the acquisition, the director directly owned 1,398,975 shares in the company, valued at approximately $1,608,821.25. This trade represents a 5.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard Busch acquired 90,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was bought at an average cost of $1.15 per share, for a total transaction of $103,500.00. Following the completion of the transaction, the director directly owned 1,330,975 shares of the company’s stock, valued at approximately $1,530,621.25. This trade represents a 7.25% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In related news, Director Richard Busch bought 240,000 shares of American Bitcoin stock in a transaction that occurred on Tuesday, March 3rd. The stock was acquired at an average price of $0.96 per share, with a total value of $230,400.00. Following the acquisition, the director owned 1,240,975 shares of the company’s stock, valued at approximately $1,191,336. This represents a 23.98% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

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

American Bitcoin Trading Up 5.5%

The stock’s 50-day simple moving average is $1.39 and its 200-day simple moving average is $3.79. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -2.58 and a beta of 3.81.

Hedge Funds Weigh In On American Bitcoin

A number of hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its holdings in American Bitcoin by 1,031.4% in the 4th quarter. CWM LLC now owns 17,062 shares of the company’s stock valued at $29,000 after acquiring an additional 15,554 shares in the last quarter. Aptus Capital Advisors LLC bought a new position in shares of American Bitcoin in the fourth quarter worth $33,000. Kitching Partners LLC bought a new stake in American Bitcoin during the fourth quarter worth about $37,000. StoneX Group Inc. bought a new stake in American Bitcoin during the fourth quarter worth about $38,000. Finally, Procyon Advisors LLC acquired a new stake in American Bitcoin during the fourth quarter worth about $43,000. 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.