American Bitcoin (NASDAQ:ABTC) Shares Gap Up – Time to Buy?

American Bitcoin Corp. (NASDAQ:ABTC) shares gapped up prior to trading on Friday . The stock had previously closed at $1.05, but opened at $1.0950. American Bitcoin shares last traded at $1.0650, with a volume of 7,288,890 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ABTC shares. HC Wainwright started coverage on American Bitcoin in a research report on Monday, February 2nd. They set a “buy” rating and a $4.00 price objective for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a research note on Monday, December 29th. Roth Mkm began coverage on shares of American Bitcoin in a report on Wednesday, December 10th. They set a “buy” rating and a $4.00 price target for the company. Finally, Wall Street Zen raised shares of American Bitcoin from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $4.00.

American Bitcoin Trading Down 1.0%

The stock has a fifty day simple moving average of $1.35 and a 200-day simple moving average of $3.70. The company has a market capitalization of $964.70 million, a PE ratio of -2.31 and a beta of 3.81.

Insider Activity

In related news, Director Richard Busch purchased 68,000 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were bought at an average cost of $1.15 per share, for a total transaction of $78,200.00. Following the completion of the purchase, the director directly owned 1,398,975 shares of the company’s stock, valued at approximately $1,608,821.25. This trade represents a 5.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Justin Mateen acquired 1,800,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were bought at an average cost of $1.03 per share, for a total transaction of $1,854,000.00. Following the acquisition, the director owned 2,524,975 shares of the company’s stock, valued at $2,600,724.25. This represents a 248.28% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 2,474,000 shares of company stock worth $2,756,580 in the last three months. Corporate insiders own 15.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ABTC. United Capital Management of KS Inc. acquired a new stake in American Bitcoin during the 3rd quarter worth $4,886,000. Moloney Securities Asset Management LLC purchased a new stake in American Bitcoin in the third quarter valued at $178,000. Quent Capital LLC acquired a new position in American Bitcoin in the third quarter valued at $52,000. SCS Capital Management LLC purchased a new position in shares of American Bitcoin during the fourth quarter worth about $191,000. Finally, Handelsbanken Fonder AB purchased a new position in shares of American Bitcoin during the fourth quarter worth about $73,000. Institutional investors and hedge funds own 10.21% of the company’s stock.

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.