Investors Purchase Large Volume of Put Options on American Bitcoin (NASDAQ:ABTC)

American Bitcoin Corp. (NASDAQ:ABTC) was the target of unusually large options trading on Monday. Traders bought 9,509 put options on the company. This represents an increase of approximately 35% compared to the typical daily volume of 7,037 put options.

Institutional Investors Weigh In On American Bitcoin

Large investors have recently modified their holdings of the stock. EWA LLC purchased a new position in American Bitcoin in the 2nd quarter valued at approximately $29,000. Quent Capital LLC purchased a new stake in American Bitcoin during the third quarter worth $52,000. Bank of America Corp DE acquired a new stake in American Bitcoin in the third quarter valued at $61,000. NewEdge Advisors LLC purchased a new position in shares of American Bitcoin in the third quarter valued at $71,000. Finally, Tidal Investments LLC acquired a new position in shares of American Bitcoin during the 2nd quarter worth $87,000. Hedge funds and other institutional investors own 10.21% of the company’s stock.

American Bitcoin Stock Down 38.8%

Shares of ABTC stock opened at $2.19 on Wednesday. The stock’s 50-day moving average price is $5.34 and its 200 day moving average price is $5.88. The stock has a market capitalization of $2.03 billion, a PE ratio of -4.87 and a beta of 3.46. American Bitcoin has a 52-week low of $0.63 and a 52-week high of $14.65.

Analysts Set New Price Targets

ABTC has been the topic of a number of research reports. Weiss Ratings began coverage on American Bitcoin in a research note on Wednesday, November 26th. They set a “sell (d)” rating on the stock. Wall Street Zen raised American Bitcoin from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, American Bitcoin has an average rating of “Reduce”.

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.