American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $6.47, but opened at $7.35. American Bitcoin shares last traded at $7.2530, with a volume of 421,812 shares.
Specifically, Director Justin Mateen purchased 162,438 shares of the business's stock in a transaction on Thursday, August 6th. The stock was purchased at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the acquisition, the director directly owned 492,297 shares in the company, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justin Mateen purchased 144,543 shares of American Bitcoin stock in a transaction dated Wednesday, August 5th. The shares were purchased at an average price of $6.40 per share, with a total value of $925,075.20. Following the completion of the transaction, the director directly owned 329,859 shares in the company, valued at approximately $2,111,097.60. This represents a 78.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on ABTC. Wall Street Zen downgraded American Bitcoin from a "hold" rating to a "sell" rating in a research report on Saturday. Weiss Ratings restated a "sell (d)" rating on shares of American Bitcoin in a research report on Wednesday, June 24th. Maxim Group set a $15.00 target price on American Bitcoin and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Finally, Zacks Research upgraded American Bitcoin from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, American Bitcoin has an average rating of "Hold" and a consensus price target of $45.00.
View Our Latest Stock Analysis on American Bitcoin
American Bitcoin Stock Up 11.2%
The firm has a market capitalization of $523.94 million, a P/E ratio of -2.35 and a beta of 3.86. The firm's 50-day simple moving average is $8.88 and its 200-day simple moving average is $14.17.
American Bitcoin (NASDAQ:ABTC - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.80) EPS for the quarter. The company had revenue of $67.01 million during the quarter. American Bitcoin had a negative return on equity of 29.89% and a negative net margin of 71.75%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Forty three Eighteen Advisors LLC bought a new position in American Bitcoin during the fourth quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of American Bitcoin by 2,180,227.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 479,672 shares of the company's stock worth $815,000 after acquiring an additional 479,650 shares during the last quarter. Aristides Capital LLC bought a new stake in shares of American Bitcoin in the 4th quarter worth approximately $200,000. Marathon Trading Investment Management LLC purchased a new stake in shares of American Bitcoin in the 4th quarter valued at $67,000. Finally, SCS Capital Management LLC purchased a new stake in shares of American Bitcoin in the 4th quarter valued at $191,000. 10.21% of the stock is currently owned by hedge funds and other institutional investors.
American Bitcoin Company Profile
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