American Bitcoin (NASDAQ:ABTC) Stock Price Down 1.3% – Here’s What Happened

American Bitcoin Corp. (NASDAQ:ABTC) fell 1.3% on Monday . The stock traded as low as $1.48 and last traded at $1.51. 9,184,973 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 11,141,852 shares. The stock had previously closed at $1.53.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wall Street Zen upgraded American Bitcoin from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Roth Mkm initiated coverage on shares of American Bitcoin in a research note on Wednesday, December 10th. They issued a “buy” rating and a $4.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of American Bitcoin in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, American Bitcoin currently has an average rating of “Hold” and a consensus target price of $4.00.

American Bitcoin Stock Performance

The stock has a market cap of $1.40 billion, a PE ratio of -3.36 and a beta of 3.58. The firm has a fifty day moving average price of $2.34 and a 200 day moving average price of $4.89.

Insider Activity

In other news, Director Richard Busch bought 175,000 shares of American Bitcoin stock in a transaction that occurred on Tuesday, December 16th. The stock was bought at an average price of $1.66 per share, for a total transaction of $290,500.00. Following the purchase, the director directly owned 899,975 shares of the company’s stock, valued at approximately $1,493,958.50. The trade was a 24.14% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 15.00% of the stock is currently owned by insiders.

Institutional Trading of American Bitcoin

A number of hedge funds have recently added to or reduced their stakes in ABTC. EWA LLC purchased a new stake in shares of American Bitcoin in the second quarter valued at approximately $29,000. KG&L Capital Management LLC purchased a new position in shares of American Bitcoin during the 4th quarter valued at approximately $402,000. CWA Asset Management Group LLC purchased a new stake in shares of American Bitcoin during the fourth quarter worth about $46,000. JPMorgan Chase & Co. purchased a new position in American Bitcoin in the 3rd quarter valued at $192,000. Finally, NewEdge Advisors LLC purchased a new stake in American Bitcoin during the 3rd quarter valued at about $71,000. 10.21% of the stock is owned by hedge funds and other 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.