American Bitcoin (NASDAQ:ABTC) Sees Large Volume Increase – Still a Buy?

Shares of American Bitcoin Corp. (NASDAQ:ABTC) saw unusually-high trading volume on Tuesday . Approximately 5,321,581 shares were traded during mid-day trading, an increase of 47% from the previous session’s volume of 3,609,338 shares.The stock last traded at $1.5959 and had previously closed at $1.65.

Wall Street Analysts Forecast Growth

ABTC has been the subject of several research analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of American Bitcoin in a research note on Monday, December 8th. Wall Street Zen upgraded American Bitcoin from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Finally, Roth Capital initiated coverage on American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price objective on the stock. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $4.00.

American Bitcoin Price Performance

The company has a 50 day moving average of $4.46 and a 200-day moving average of $5.61. The company has a market capitalization of $1.49 billion, a P/E ratio of -3.58 and a beta of 3.46.

Institutional Trading of American Bitcoin

A number of hedge funds have recently modified their holdings of ABTC. Quent Capital LLC purchased a new stake in American Bitcoin in the 3rd quarter worth approximately $52,000. Bank of America Corp DE purchased a new stake in American Bitcoin in the 3rd quarter worth $61,000. NewEdge Advisors LLC purchased a new position in shares of American Bitcoin in the third quarter valued at about $71,000. Dimensional Fund Advisors LP purchased a new stake in shares of American Bitcoin during the third quarter worth about $95,000. Finally, Integrated Wealth Concepts LLC bought a new stake in American Bitcoin during the 3rd quarter valued at approximately $95,000. Institutional investors own 10.21% of the company’s stock.

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.