American Bitcoin (NASDAQ:ABTC) Shares Gap Up - Here's What Happened

Key Points

• Shares of American Bitcoin gapped up premarket from $1.05 to an open of $1.0950, last trading at $1.0650 on a volume of 7,288,890 shares and a market cap of about $969.34 million.
• Analysts are mixed—two firms rate the stock Buy and one rates it Sell, resulting in a MarketBeat consensus of Hold with an average price target of $4.00.
• Insiders materially increased their stakes: Director Justin Mateen purchased 1,800,000 shares at $1.03 and Director Richard Busch bought 240,000 shares at $0.96, with insiders acquiring 2,474,000 shares in the past 90 days and now owning 15% of the company.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) 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 trading hands.

Wall Street Analyst Weigh In

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

American Bitcoin Trading Down 0.5%

The business has a 50-day moving average price of $1.37 and a 200-day moving average price of $3.74. The stock has a market cap of $969.34 million, a PE ratio of -2.30 and a beta of 3.81.

Insider Buying and Selling at American Bitcoin

In related news, Director Justin Mateen purchased 1,800,000 shares of American Bitcoin stock in a transaction that occurred on Tuesday, March 3rd. The stock was purchased at an average price of $1.03 per share, for a total transaction of $1,854,000.00. Following the transaction, the director directly owned 2,524,975 shares in the company, valued at approximately $2,600,724.25. This trade represents a 248.28% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard Busch purchased 240,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The stock was bought at an average cost of $0.96 per share, for a total transaction of $230,400.00. Following the completion of the purchase, the director directly owned 1,240,975 shares in the company, valued at $1,191,336. This represents a 23.98% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 2,474,000 shares of company stock worth $2,756,580. Insiders own 15.00% of the company's stock.

Institutional Investors Weigh In On American Bitcoin

Several large investors have recently bought and sold shares of ABTC. United Capital Management of KS Inc. purchased a new position in shares of American Bitcoin in the third quarter valued at approximately $4,886,000. Moloney Securities Asset Management LLC purchased a new stake in shares of American Bitcoin during the third quarter worth approximately $178,000. Quent Capital LLC acquired a new position in American Bitcoin in the 3rd quarter valued at $52,000. NewEdge Advisors LLC acquired a new position in American Bitcoin in the 3rd quarter valued at $71,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in American Bitcoin in the 4th quarter valued at $66,000. 10.21% of the stock is currently owned by hedge funds and other institutional investors.

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.

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