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

Key Points

• American Bitcoin shares rose 10.2%, opening at $9.17 after closing at $8.83 and later trading near $9.79, with 453,762 shares changing hands.
• Analyst sentiment is mixed but leans positive: four analysts rate the stock Buy, one Hold and one Sell. The consensus rating is “Moderate Buy,” with a $37.50 target price, while Maxim Group and BTIG Research each set $15 targets.
• The company reported a quarterly loss of $0.80 per share on $67.01 million in revenue, alongside a negative net margin of 71.75%; meanwhile, director Justin Mateen purchased 162,438 shares, increasing his position by 49.24%.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $8.83, but opened at $9.17. American Bitcoin shares last traded at $9.7930, with a volume of 453,762 shares.

Wall Street Analyst Weigh In

ABTC has been the topic of several analyst reports. Maxim Group set a $15.00 target price on American Bitcoin and gave the company a "buy" rating in a research report on Tuesday, July 21st. BTIG Research began coverage on American Bitcoin in a research report on Wednesday. They issued a "buy" rating and a $15.00 price target for the company. Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Finally, Wall Street Zen downgraded American Bitcoin from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, American Bitcoin has an average rating of "Moderate Buy" and a consensus target price of $37.50.

American Bitcoin Stock Up 10.2%

The firm has a market cap of $708.54 million, a PE ratio of -3.20 and a beta of 3.92. The firm's fifty day simple moving average is $7.09 and its two-hundred day simple moving average is $11.92.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) for the quarter. The firm had revenue of $67.01 million during 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 American Bitcoin news, Director Justin Mateen purchased 162,438 shares of the business's stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the purchase, the director owned 492,297 shares of the company's stock, valued at approximately $3,047,318.43. This represents a 49.24% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.57% of the company's stock.

Institutional Investors Weigh In On American Bitcoin

A number of institutional investors and hedge funds have recently bought and sold shares of ABTC. Kingsbury Capital Investment Advisors LLC boosted its stake in American Bitcoin by 142.1% in the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 2,391,091 shares of the company's stock worth $1,629,000 after purchasing an additional 1,403,547 shares during the period. Renaissance Technologies LLC bought a new stake in shares of American Bitcoin during the first quarter valued at approximately $1,589,000. PCG Wealth Advisors LLC lifted its holdings in shares of American Bitcoin by 78.2% in the second quarter. PCG Wealth Advisors LLC now owns 1,222,358 shares of the company's stock worth $833,000 after buying an additional 536,325 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of American Bitcoin by 54,246.1% in the first quarter. PNC Financial Services Group Inc. now owns 874,972 shares of the company's stock worth $808,000 after buying an additional 873,362 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of American Bitcoin by 2,180,227.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company's stock worth $815,000 after acquiring an additional 479,650 shares during the last quarter. 10.21% of the stock is owned by 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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