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

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $1.13, but opened at $1.21. American Bitcoin shares last traded at $1.3850, with a volume of 3,976,308 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Zacks Research downgraded American Bitcoin from a “hold” rating to a “strong sell” rating in a research note on Friday, March 27th. HC Wainwright began coverage on American Bitcoin in a research report on Monday, February 2nd. They set a “buy” rating and a $4.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, American Bitcoin presently has a consensus rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Stock Performance

The company has a market capitalization of $1.38 billion, a PE ratio of -1.49 and a beta of 3.75. The stock’s fifty day simple moving average is $1.03 and its 200-day simple moving average is $2.58.

American Bitcoin (NASDAQ:ABTC) last issued its quarterly earnings results on Friday, March 27th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The firm had revenue of $78.32 million for the quarter, compared to analysts’ expectations of $79.64 million. American Bitcoin had a negative return on equity of 22.09% and a negative net margin of 46.41%. On average, equities analysts anticipate that American Bitcoin Corp. will post -0.76 EPS for the current year.

Insider Activity at American Bitcoin

In other American Bitcoin news, Director Richard Busch acquired 68,000 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were acquired at an average price 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 of the company’s stock, valued at $1,608,821.25. This trade represents a 5.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Justin Mateen acquired 1,800,000 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was acquired at an average cost of $1.03 per share, with a total value of $1,854,000.00. Following the transaction, the director owned 2,524,975 shares of the company’s stock, valued at approximately $2,600,724.25. This trade represents a 248.28% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 2,198,000 shares of company stock valued at $2,266,100 over the last ninety days. 15.00% of the stock is owned by corporate insiders.

Institutional Trading of American Bitcoin

A number of hedge funds have recently added to or reduced their stakes in ABTC. CWM LLC grew 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 buying an additional 15,554 shares during the period. Aptus Capital Advisors LLC purchased a new position in shares of American Bitcoin during the 4th quarter worth about $33,000. Forty three Eighteen Advisors LLC acquired a new stake in shares of American Bitcoin in the fourth quarter worth approximately $34,000. Kitching Partners LLC acquired a new stake in shares of American Bitcoin in the fourth quarter worth approximately $37,000. Finally, StoneX Group Inc. purchased a new stake in American Bitcoin in the fourth quarter valued at approximately $38,000. 10.21% of the stock is owned by institutional investors and hedge funds.

American Bitcoin Company Profile

Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.