American Bitcoin (NASDAQ:ABTC) Shares Gap Up - Should You Buy?

Key Points

• American Bitcoin shares opened higher at $9.05 after closing at $8.72, but later traded around $8.67 on volume of roughly 183,000 shares.
• Analyst sentiment is mixed: Wall Street Zen and Weiss Ratings issued sell assessments, while BTIG Research and Maxim Group rated the stock a buy with $15 targets. The overall consensus is “Moderate Buy,” with a $37.50 average price target.
• The company reported a quarterly loss of $0.80 per share, $67.01 million in revenue, and sharply negative profitability metrics. A director purchased more than 162,000 shares, while institutional investors own 10.21% of the stock.

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) shares gapped up prior to trading on Wednesday. The stock had previously closed at $8.72, but opened at $9.05. American Bitcoin shares last traded at $8.6740, with a volume of 182,611 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ABTC. Wall Street Zen downgraded American Bitcoin from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a research note on Monday, September 21st. BTIG Research initiated coverage on shares of American Bitcoin in a research note on Wednesday, September 16th. They set a "buy" rating and a $15.00 target price for the company. Finally, Maxim Group set a $15.00 target price on shares of American Bitcoin and gave the stock a "buy" rating in a report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $37.50.

American Bitcoin Stock Performance

The stock has a market cap of $625.23 million, a price-to-earnings ratio of -2.82 and a beta of 3.92. The company's 50 day simple moving average is $7.72 and its 200 day simple moving average is $11.52.

American Bitcoin (NASDAQ:ABTC - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($0.80) earnings per share (EPS) for the quarter. The firm 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%.

Insider Buying and Selling at American Bitcoin

In other American Bitcoin news, Director Justin Mateen bought 162,438 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were bought at an average price of $6.19 per share, for a total transaction of $1,005,491.22. Following the acquisition, the director directly owned 492,297 shares of the company's stock, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.57% of the company's stock.

Hedge Funds Weigh In On American Bitcoin

Hedge funds have recently added to or reduced their stakes in the company. Kingsbury Capital Investment Advisors LLC lifted its holdings 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 last quarter. Renaissance Technologies LLC bought a new position in shares of American Bitcoin in the first quarter valued at approximately $1,589,000. PCG Wealth Advisors LLC raised its position 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 valued at $833,000 after purchasing an additional 536,325 shares during the period. PNC Financial Services Group Inc. lifted its stake 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 during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of American Bitcoin by 2,180,227.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company's stock worth $815,000 after buying an additional 479,650 shares during the last quarter. Institutional investors and hedge funds 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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