Shares of American Bitcoin Corp. (NASDAQ:ABTC) experienced a decline of 3.9% during trading on Thursday. The stock hit a low of $1.58 before closing at $1.5850. The trading volume surged significantly, with 8,622,783 shares exchanged, representing an increase of 132% compared to the average volume of 3,710,764 shares. This drop follows a previous closing price of $1.65.
Equities research analysts have weighed in on the stock”s performance. Roth Capital initiated coverage on American Bitcoin in a report released on December 10th, issuing a “buy” rating alongside a target price of $4.00. Conversely, Weiss Ratings reaffirmed a “sell (d)” rating on the shares in a note dated Monday. Adding to the mix, Wall Street Zen upgraded the company from a “sell” to a “hold” rating in a report published on November 23rd. Currently, the stock holds an average rating of “Hold” from analysts, with a consensus target price set at $4.00, according to data from MarketBeat.
In notable insider activity, Director Richard Busch purchased 175,000 shares of American Bitcoin on December 16th, acquiring them at an average price of $1.66 per share. This transaction, valued at $290,500, increased Busch”s ownership in the company to 899,975 shares, worth approximately $1,493,958.50, marking a 24.14% rise in his position. This acquisition was disclosed through a legal filing with the SEC, which can be found in the company”s official communications.
Institutional trading activity has also been noteworthy. Recently, Murchinson Ltd. ramped up its investment in American Bitcoin, increasing its stake by 271.4% in the first quarter, now holding 2,403,988 shares valued at $409,000. Additionally, new stakes were established by EWA LLC, HUB Investment Partners LLC, and Dimensional Fund Advisors LP, highlighting growing institutional interest. Overall, institutional investors currently control 10.21% of the company”s stock.
American Bitcoin Corp. is gaining attention in the cryptocurrency market, particularly with innovations from its subsidiary, Gryphon Digital Mining, formerly known as Akerna Corp. The ongoing developments in the bitcoin space signal potential growth and opportunities for investors, despite the recent stock fluctuations.
