American Battery Technology (NASDAQ:ABAT) Shares Down 6.7% – Here’s Why

Shares of American Battery Technology Company (NASDAQ:ABAT) dropped 6.7% during mid-day trading on Wednesday . The company traded as low as $4.62 and last traded at $4.5250. Approximately 2,984,285 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 7,968,268 shares. The stock had previously closed at $4.85.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wall Street Zen cut American Battery Technology from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Weiss Ratings restated a “sell (e+)” rating on shares of American Battery Technology in a research note on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

American Battery Technology Stock Down 0.4%

The company has a fifty day simple moving average of $4.09 and a 200-day simple moving average of $3.81. The firm has a market cap of $610.86 million, a P/E ratio of -9.22 and a beta of -1.31.

American Battery Technology (NASDAQ:ABAT) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.09) EPS for the quarter. The company had revenue of $0.94 million during the quarter. American Battery Technology had a negative return on equity of 59.93% and a negative net margin of 902.69%.

Insider Activity at American Battery Technology

In other news, insider Scott Jolcover sold 17,500 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $3.88, for a total transaction of $67,900.00. Following the sale, the insider directly owned 321,424 shares in the company, valued at $1,247,125.12. This trade represents a 5.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Steven Wu sold 12,333 shares of American Battery Technology stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $4.05, for a total transaction of $49,948.65. Following the transaction, the chief operating officer owned 286,236 shares in the company, valued at approximately $1,159,255.80. This trade represents a 4.13% decrease in their position. The SEC filing for this sale provides additional information. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On American Battery Technology

A number of institutional investors have recently bought and sold shares of ABAT. Vanguard Group Inc. boosted its stake in shares of American Battery Technology by 18.7% in the third quarter. Vanguard Group Inc. now owns 5,277,095 shares of the company’s stock worth $25,647,000 after acquiring an additional 829,609 shares during the period. Geode Capital Management LLC lifted its holdings in American Battery Technology by 113.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,935,526 shares of the company’s stock worth $3,136,000 after purchasing an additional 1,030,323 shares in the last quarter. Millennium Management LLC lifted its holdings in American Battery Technology by 8,555.4% in the 3rd quarter. Millennium Management LLC now owns 1,205,614 shares of the company’s stock worth $5,859,000 after purchasing an additional 1,191,685 shares in the last quarter. Soviero Asset Management LP bought a new position in American Battery Technology in the 3rd quarter worth approximately $3,062,000. Finally, Raymond James Financial Inc. grew its holdings in American Battery Technology by 833.3% during the 3rd quarter. Raymond James Financial Inc. now owns 396,125 shares of the company’s stock valued at $1,925,000 after buying an additional 353,681 shares in the last quarter. Hedge funds and other institutional investors own 9.88% of the company’s stock.

American Battery Technology Company Profile

American Battery Technology Company (NASDAQ: ABAT) is a U.S.-based company focused on developing domestic supply chain solutions for critical battery metals. The company’s core activities span from exploration and extraction of lithium resources to the design and operation of recycling facilities targeted at end-of-life batteries and manufacturing scrap. By integrating upstream resource development with downstream recycling, ABAT aims to create a closed-loop system that bolsters North American battery manufacturing.

On the resource side, American Battery Technology holds lithium claystone claims in Nevada’s Clayton Valley and is advancing a pilot direct-extraction facility designed to recover lithium and other valuable metals from brines.