American Bitcoin (NASDAQ:ABTC) Stock Price Up 8.6% on Insider Buying Activity

American Bitcoin Corp. (NASDAQ:ABTC) shares shot up 8.6% on Tuesday after an insider bought additional shares in the company. The company traded as high as $1.20 and last traded at $1.1950. 12,178,477 shares traded hands during trading, a decline of 9% from the average session volume of 13,434,126 shares. The stock had previously closed at $1.10.

Specifically, Director Richard Busch bought 68,000 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were acquired at an average cost of $1.15 per share, for a total transaction of $78,200.00. Following the purchase, the director owned 1,398,975 shares in the company, valued at approximately $1,608,821.25. This trade represents a 5.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Busch acquired 90,000 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were acquired at an average cost of $1.15 per share, with a total value of $103,500.00. Following the transaction, the director owned 1,330,975 shares in the company, valued at approximately $1,530,621.25. This trade represents a 7.25% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In other news, Director Richard Busch acquired 240,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were acquired at an average cost of $0.96 per share, with a total value of $230,400.00. Following the acquisition, the director directly owned 1,240,975 shares of the company’s stock, valued at approximately $1,191,336. The trade was a 23.98% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

Several research firms have recently commented on ABTC. Weiss Ratings reissued a “sell (d)” rating on shares of American Bitcoin in a research note on Monday, December 29th. Wall Street Zen raised shares of American Bitcoin from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. HC Wainwright began coverage on American Bitcoin in a report on Monday, February 2nd. They issued a “buy” rating and a $4.00 price target for the company. Finally, Roth Mkm began coverage on shares of American Bitcoin in a report on Wednesday, December 10th. They set a “buy” rating and a $4.00 price target for the company. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, American Bitcoin has an average rating of “Hold” and a consensus price target of $4.00.

American Bitcoin Stock Up 8.6%

The stock’s 50-day moving average price is $1.41 and its 200-day moving average price is $3.83. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -2.66 and a beta of 3.81.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ABTC. Quent Capital LLC purchased a new stake in shares of American Bitcoin during the third quarter worth $52,000. Bank of America Corp DE bought a new stake in shares of American Bitcoin in the 3rd quarter valued at approximately $61,000. NewEdge Advisors LLC bought a new stake in American Bitcoin during the 3rd quarter valued at $71,000. Dimensional Fund Advisors LP acquired a new position in shares of American Bitcoin in the 3rd quarter worth approximately $95,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in American Bitcoin during the 3rd quarter worth about $95,000. Hedge funds and other 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.