Key Points
- Director Richard Busch bought 175,000 shares at an average price of $1.66 on Dec. 16 (total $290,500), increasing his holdings 24.14% to 899,975 shares valued at about $1.49M.
- Significant institutional activity: Solari Capital reportedly acquired a new stake worth roughly $317.6M in Q3, with other firms (including Millennium) also building positions; hedge funds and institutions now own about 10.21% of the stock.
- Analysts are mixed with a $4 consensus target: Roth Capital initiated coverage with a "buy" and $4 price objective, but the street consensus is "Hold" (1 buy, 1 hold, 1 sell) while the stock trades near $1.59, below its 50‑ and 200‑day moving averages.
American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) Director Richard Busch bought 175,000 shares of the firm's stock in a transaction dated Tuesday, December 16th. The stock was purchased at an average cost of $1.66 per share, with a total value of $290,500.00. Following the transaction, the director directly owned 899,975 shares in the company, valued at approximately $1,493,958.50. This represents a 24.14% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
American Bitcoin Stock Down 3.6%
Shares of ABTC stock opened at $1.59 on Friday. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -3.53 and a beta of 3.46. The business's fifty day moving average is $4.15 and its 200 day moving average is $5.54. American Bitcoin Corp. has a twelve month low of $0.63 and a twelve month high of $14.65.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in ABTC. NewEdge Advisors LLC purchased a new stake in American Bitcoin in the third quarter worth approximately $71,000. Solari Capital Management LLC purchased a new stake in American Bitcoin during the 3rd quarter valued at $317,612,000. Qube Research & Technologies Ltd bought a new position in shares of American Bitcoin during the 3rd quarter valued at $200,000. Prelude Capital Management LLC purchased a new position in shares of American Bitcoin in the 3rd quarter worth $811,000. Finally, Millennium Management LLC purchased a new position in shares of American Bitcoin in the 3rd quarter worth $2,787,000. 10.21% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms recently commented on ABTC. Roth Capital began coverage on shares of American Bitcoin in a research note on Wednesday, December 10th. They set a "buy" rating and a $4.00 price objective on the stock. Wall Street Zen upgraded shares of American Bitcoin from a "sell" rating to a "hold" rating in a report on Sunday, November 23rd. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of American Bitcoin in a research report on Monday. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, American Bitcoin currently has an average rating of "Hold" and a consensus price target of $4.00.
Read Our Latest Analysis on ABTC
American Bitcoin Company Profile
(
Get Free Report)
Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.
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