American Bitcoin (NASDAQ:ABTC) Director Justin Mateen Purchases 144,543 Shares

Key Points

• Director Justin Mateen purchased 144,543 American Bitcoin shares at an average price of $6.40, investing approximately $925,075 and increasing his position by 78% to 329,859 shares. He also bought another 162,438 shares the following day for about $1.01 million.
• ABTC shares rose 4.5% to $6.47 during Friday trading, but the company reported a quarterly loss of $0.80 per share, a negative net margin of 71.75%, and $67.01 million in revenue.
• Analyst sentiment is mixed, with an overall “Hold” consensus and a $45 average price target; institutional investors own 10.21% of the company.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) Director Justin Mateen bought 144,543 shares of American Bitcoin stock in a transaction that occurred on Wednesday, August 5th. The stock was bought at an average price of $6.40 per share, with a total value of $925,075.20. Following the completion of the acquisition, the director owned 329,859 shares in the company, valued at approximately $2,111,097.60. The trade was a 78.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Justin Mateen also recently made the following trade(s):

• On Thursday, August 6th, Justin Mateen bought 162,438 shares of American Bitcoin stock. The shares were bought at an average cost of $6.19 per share, with a total value of $1,005,491.22.

American Bitcoin Stock Up 4.5%

ABTC stock traded up $0.28 during midday trading on Friday, hitting $6.47. 1,148,724 shares of the company traded hands, compared to its average volume of 1,080,810. American Bitcoin Corp. has a twelve month low of $4.92 and a twelve month high of $217.80. The stock has a market capitalization of $458.72 million, a price-to-earnings ratio of -2.12 and a beta of 3.86. The business has a 50 day simple moving average of $9.09 and a 200-day simple moving average of $14.29.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share for the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%.The firm had revenue of $67.01 million during the quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ABTC. Solari Capital Management LLC acquired a new position in shares of American Bitcoin during the third quarter valued at about $317,612,000. Charles Schwab Investment Management Inc. bought a new position in American Bitcoin during the fourth quarter valued at about $5,285,000. Providence Capital Advisors LLC bought a new position in American Bitcoin during the fourth quarter valued at about $4,244,000. State Street Corp increased its stake in American Bitcoin by 3,933.2% during the fourth quarter. State Street Corp now owns 2,392,690 shares of the company's stock valued at $4,068,000 after acquiring an additional 2,333,365 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in American Bitcoin in the 1st quarter valued at approximately $1,589,000. Institutional investors own 10.21% of the company's stock.

Wall Street Analysts Forecast Growth

ABTC has been the subject of several research analyst reports. Zacks Research raised 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 target price on American Bitcoin and gave the company a "buy" rating in a report on Tuesday, July 21st. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $45.00.

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.

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