American Bitcoin (NASDAQ:ABTC) Stock Price Down 3.6% – Should You Sell?
by Tristan Rich · The Markets DailyAmerican Bitcoin Corp. (NASDAQ:ABTC – Get Free Report)’s share price traded down 3.6% on Tuesday . The company traded as low as $1.73 and last traded at $1.7450. 3,198,839 shares traded hands during trading, a decline of 19% from the average session volume of 3,953,100 shares. The stock had previously closed at $1.81.
Analysts Set New Price Targets
ABTC has been the topic of a number of recent analyst reports. Roth Capital assumed coverage on shares of American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price objective on the stock. Wall Street Zen raised American Bitcoin from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a report on Monday, December 22nd. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $4.00.
American Bitcoin Stock Down 3.6%
The company has a 50 day moving average price of $3.65 and a 200-day moving average price of $5.35. The company has a market cap of $1.62 billion, a price-to-earnings ratio of -3.88 and a beta of 3.46.
Insider Activity
In other American Bitcoin news, Director Richard Busch purchased 175,000 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were bought at an average price of $1.66 per share, for a total transaction of $290,500.00. Following the completion of the acquisition, the director owned 899,975 shares in the company, valued at approximately $1,493,958.50. This trade represents a 24.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 15.00% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Solari Capital Management LLC bought a new stake in shares of American Bitcoin in the 3rd quarter valued at about $317,612,000. Murchinson Ltd. boosted its holdings in American Bitcoin by 271.4% in the first quarter. Murchinson Ltd. now owns 2,403,988 shares of the company’s stock valued at $409,000 after acquiring an additional 1,756,649 shares during the last quarter. Vident Advisory LLC acquired a new stake in American Bitcoin during the 2nd quarter valued at approximately $965,000. United Capital Management of KS Inc. acquired a new stake in American Bitcoin during the 3rd quarter valued at approximately $4,886,000. Finally, Millennium Management LLC bought a new position in American Bitcoin during the 3rd quarter worth approximately $2,787,000. 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.