American Bitcoin (NASDAQ:ABTC) Stock Price Up 13.3% - Here's What Happened

Key Points

• American Bitcoin (NASDAQ:ABTC) shares rose 13.3% mid-day to as high as $1.43 (last $1.405) on roughly 5.27M shares traded, about 62% below its average daily volume.
• The company reported a quarterly EPS miss (loss of $0.07 vs. $0.02 expected) with negative margins and ROE, and analysts are split (2 Buy, 2 Sell) for a consensus rating of "Hold" and an average price target of $4.00.
• Insiders purchased a total of 2,198,000 shares in the last quarter (including a 1.8M-share buy), bringing insider ownership to about 15%, while institutional investors own ~10.2% of the stock.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report)'s stock price rose 13.3% during mid-day trading on Wednesday . The stock traded as high as $1.43 and last traded at $1.4050. Approximately 5,273,244 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 13,734,349 shares. The stock had previously closed at $1.24.

Wall Street Analysts Forecast Growth

ABTC has been the subject of several analyst reports. Zacks Research lowered American Bitcoin from a "hold" rating to a "strong sell" rating in a research note on Friday, March 27th. Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a report on Friday, March 27th. Finally, HC Wainwright initiated coverage on shares of American Bitcoin in a report on Monday, February 2nd. They issued a "buy" rating and a $4.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, American Bitcoin currently has a consensus rating of "Hold" and an average price target of $4.00.

American Bitcoin Stock Performance

The company's fifty day moving average price is $1.03 and its 200-day moving average price is $2.46. The stock has a market cap of $1.48 billion, a P/E ratio of -1.60 and a beta of 3.75.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last announced its quarterly earnings data on Friday, March 27th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.09). American Bitcoin had a negative net margin of 46.41% and a negative return on equity of 22.09%. The company had revenue of $78.32 million for the quarter, compared to the consensus estimate of $79.64 million. Analysts anticipate that American Bitcoin Corp. will post 0.01 earnings per share for the current fiscal year.

Insider Transactions at American Bitcoin

In related news, Director Richard Busch acquired 68,000 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The stock was bought at an average price of $1.15 per share, for a total transaction of $78,200.00. Following the acquisition, the director directly owned 1,398,975 shares of the company's stock, valued at $1,608,821.25. This represents a 5.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Justin Mateen acquired 1,800,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were bought at an average price of $1.03 per share, with a total value of $1,854,000.00. Following the acquisition, the director directly owned 2,524,975 shares in the company, valued at $2,600,724.25. This represents a 248.28% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 2,198,000 shares of company stock valued at $2,266,100 in the last quarter. 15.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On American Bitcoin

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. United Capital Management of KS Inc. bought a new stake in shares of American Bitcoin in the 3rd quarter valued at about $4,886,000. Insigneo Advisory Services LLC bought a new stake in shares of American Bitcoin in the 3rd quarter valued at about $136,000. Moloney Securities Asset Management LLC bought a new stake in shares of American Bitcoin in the 3rd quarter valued at about $178,000. Quent Capital LLC bought a new stake in shares of American Bitcoin in the 3rd quarter valued at about $52,000. Finally, Foundations Investment Advisors LLC bought a new stake in shares of American Bitcoin in the 4th quarter valued at about $221,000. Institutional investors own 10.21% of the company's stock.

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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