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

Key Points

• American Bitcoin shares jumped at the open, rising from a $7.90 close to $8.46 and last trading near $8.56 on volume of about 563,405 shares.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one Hold and one Sell, producing a consensus Hold rating with a $45 price target.
• The company reported a quarterly loss of $0.80 per share on $67.01 million in revenue, while director Justin Mateen purchased 162,438 shares for roughly $1.01 million.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $7.90, but opened at $8.46. American Bitcoin shares last traded at $8.5620, with a volume of 563,405 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ABTC. Wall Street Zen downgraded American Bitcoin from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Maxim Group set a $15.00 price objective on American Bitcoin and gave the company a "buy" rating in a research note on Tuesday, July 21st. Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a report on Wednesday, June 24th. Finally, Zacks Research raised American Bitcoin from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 28th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, American Bitcoin has a consensus rating of "Hold" and a consensus price target of $45.00.

American Bitcoin Price Performance

The firm's 50 day moving average price is $7.83 and its 200-day moving average price is $13.26. The firm has a market cap of $607.17 million, a price-to-earnings ratio of -2.73 and a beta of 3.86.

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

Insiders Place Their Bets

In other news, Director Justin Mateen purchased 162,438 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average cost of $6.19 per share, for a total transaction of $1,005,491.22. Following the completion of the purchase, the director directly owned 492,297 shares of the company's stock, valued at approximately $3,047,318.43. The trade was a 49.24% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ABTC. Solari Capital Management LLC acquired a new stake in shares of American Bitcoin during the 3rd quarter valued at about $317,612,000. Charles Schwab Investment Management Inc. acquired a new position in American Bitcoin in the fourth quarter worth about $5,285,000. Providence Capital Advisors LLC acquired a new position in American Bitcoin in the fourth quarter worth about $4,244,000. State Street Corp lifted 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 worth $4,068,000 after purchasing an additional 2,333,365 shares during the period. Finally, Renaissance Technologies LLC bought a new position in American Bitcoin during the first quarter worth about $1,589,000. 10.21% of the stock is currently 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.

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