American Bitcoin (NASDAQ:ABTC) Trading Down 3.9% – Should You Sell?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price was down 3.9% during trading on Thursday . The stock traded as low as $1.58 and last traded at $1.5850. Approximately 8,622,783 shares were traded during mid-day trading, an increase of 132% from the average daily volume of 3,710,764 shares. The stock had previously closed at $1.65.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABTC. Wall Street Zen upgraded shares of American Bitcoin from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a report on Monday. Finally, Roth Capital began coverage on shares of American Bitcoin in a research note on Wednesday, December 10th. They set a “buy” rating and a $4.00 target price for the company. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, American Bitcoin presently has an average rating of “Hold” and an average price target of $4.00.

American Bitcoin Trading Down 3.6%

The business’s fifty day simple moving average is $4.25 and its 200 day simple moving average is $5.57. The stock has a market cap of $1.47 billion, a P/E ratio of -3.53 and a beta of 3.46.

Insider Buying and Selling at American Bitcoin

In other American Bitcoin news, Director Richard Busch acquired 175,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was acquired at an average cost of $1.66 per share, for a total transaction of $290,500.00. Following the transaction, the director owned 899,975 shares of the company’s stock, valued at $1,493,958.50. This trade represents a 24.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 15.00% of the stock is owned by company insiders.

Institutional Trading of American Bitcoin

Several hedge funds and other institutional investors have recently modified their holdings of the company. Murchinson Ltd. raised its position in American Bitcoin by 271.4% in the 1st quarter. Murchinson Ltd. now owns 2,403,988 shares of the company’s stock valued at $409,000 after buying an additional 1,756,649 shares during the last quarter. EWA LLC bought a new position in American Bitcoin in the second quarter valued at $29,000. HUB Investment Partners LLC acquired a new stake in American Bitcoin in the 2nd quarter valued at $114,000. Integrated Wealth Concepts LLC bought a new stake in American Bitcoin during the 3rd quarter worth about $95,000. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of American Bitcoin in the third quarter valued at about $95,000. Institutional investors and hedge funds 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.