American Bitcoin (NASDAQ:ABTC) Shares Gap Down – Should You Sell?

American Bitcoin Corp. (NASDAQ:ABTC)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $1.30, but opened at $1.25. American Bitcoin shares last traded at $1.2750, with a volume of 4,855,201 shares changing hands.

Wall Street Analysts Forecast Growth

ABTC has been the topic of several recent analyst reports. HC Wainwright initiated coverage on American Bitcoin in a report on Monday, February 2nd. They issued a “buy” rating and a $4.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of American Bitcoin in a report on Friday, March 27th. Finally, Zacks Research cut American Bitcoin from a “hold” rating to a “strong sell” rating in a report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.00.

American Bitcoin Trading Down 3.5%

The firm has a fifty day simple moving average of $1.03 and a two-hundred day simple moving average of $2.54. The stock has a market cap of $1.33 billion, a PE ratio of -1.44 and a beta of 3.75.

American Bitcoin (NASDAQ:ABTC) last released its quarterly earnings results on Friday, March 27th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). American Bitcoin had a negative net margin of 46.41% and a negative return on equity of 22.09%. The firm had revenue of $78.32 million for the quarter, compared to analysts’ expectations of $79.64 million. Equities analysts forecast that American Bitcoin Corp. will post -0.76 earnings per share for the current year.

Insider Transactions at American Bitcoin

In other news, Director Justin Mateen purchased 1,800,000 shares of the stock in a transaction on Tuesday, March 3rd. The shares were acquired at an average price of $1.03 per share, for a total transaction of $1,854,000.00. Following the completion of the transaction, the director directly owned 2,524,975 shares of the company’s stock, valued at approximately $2,600,724.25. This trade represents a 248.28% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard Busch purchased 68,000 shares of the stock in a transaction on Thursday, March 5th. The shares were purchased at an average price of $1.15 per share, for a total transaction of $78,200.00. Following the transaction, the director directly owned 1,398,975 shares of the company’s stock, valued at approximately $1,608,821.25. This represents a 5.11% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 2,198,000 shares of company stock worth $2,266,100 in the last 90 days. Company insiders own 15.00% of the company’s stock.

Institutional Investors Weigh In On American Bitcoin

A number of large investors have recently added to or reduced their stakes in the company. Quent Capital LLC purchased a new position in American Bitcoin during the 3rd quarter valued at about $52,000. Bank of America Corp DE purchased a new position in American Bitcoin during the 3rd quarter valued at about $61,000. NewEdge Advisors LLC purchased a new position in American Bitcoin during the 3rd quarter valued at about $71,000. Dimensional Fund Advisors LP purchased a new position in American Bitcoin during the 3rd quarter valued at about $95,000. Finally, Integrated Wealth Concepts LLC purchased a new position in American Bitcoin during the 3rd quarter valued at 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.