American Battery Technology (NASDAQ:ABAT) Trading Down 5% – Here’s What Happened

American Battery Technology Company (NASDAQ:ABAT) dropped 5% during trading on Thursday . The company traded as low as $4.98 and last traded at $5.0450. Approximately 829,046 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 7,835,650 shares. The stock had previously closed at $5.31.

Analyst Upgrades and Downgrades

ABAT has been the topic of several recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of American Battery Technology in a research report on Monday, December 29th. Wall Street Zen cut American Battery Technology from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

American Battery Technology Stock Performance

The company has a market capitalization of $627.76 million, a price-to-earnings ratio of -9.47 and a beta of -1.31. The firm’s 50 day simple moving average is $4.01 and its 200-day simple moving average is $3.71.

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

Insider Activity at American Battery Technology

In other American Battery Technology news, COO Steven Wu sold 12,333 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $4.05, for a total value 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 represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott Jolcover sold 17,500 shares of the business’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 transaction, the insider owned 321,424 shares in the company, valued at approximately $1,247,125.12. This represents a 5.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. acquired a new stake in shares of American Battery Technology during the 1st quarter worth approximately $27,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of American Battery Technology in the second quarter valued at $36,000. ProShare Advisors LLC bought a new position in American Battery Technology in the second quarter worth $27,000. Thrivent Financial for Lutherans acquired a new stake in American Battery Technology during the second quarter worth $50,000. Finally, Tower Research Capital LLC TRC increased its holdings in American Battery Technology by 400.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 33,411 shares of the company’s stock valued at $54,000 after buying an additional 26,736 shares during the period. 9.88% of the stock is owned by institutional investors.

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.