Steven Wu Sells 115,480 Shares of American Battery Technology (NASDAQ:ABAT) Stock

American Battery Technology Company (NASDAQ:ABAT) COO Steven Wu sold 115,480 shares of American Battery Technology stock in a transaction on Monday, June 15th. The stock was sold at an average price of $3.56, for a total transaction of $411,108.80. Following the sale, the chief operating officer directly owned 342,695 shares of the company’s stock, valued at $1,219,994.20. This represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

American Battery Technology Stock Performance

NASDAQ ABAT opened at $3.10 on Wednesday. American Battery Technology Company has a 52-week low of $1.20 and a 52-week high of $11.49. The company has a market capitalization of $422.87 million, a P/E ratio of -5.96 and a beta of -0.01. The company has a fifty day moving average of $3.28 and a 200-day moving average of $3.64.

American Battery Technology (NASDAQ:ABAT) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The business had revenue of $7.81 million during the quarter, compared to the consensus estimate of $3.70 million. American Battery Technology had a negative return on equity of 63.85% and a negative net margin of 390.48%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Maxim Group assumed coverage on shares of American Battery Technology in a research note on Tuesday, April 28th. They issued a “buy” rating and a $6.00 price target for the company. Wall Street Zen downgraded shares of American Battery Technology from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings downgraded shares of American Battery Technology from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.00.

Hedge Funds Weigh In On American Battery Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Elyxium Wealth LLC bought a new position in shares of American Battery Technology during the fourth quarter valued at about $25,000. Goldman Sachs Group Inc. bought a new position in shares of American Battery Technology during the first quarter valued at about $27,000. Royal Bank of Canada raised its stake in shares of American Battery Technology by 167.4% during the first quarter. Royal Bank of Canada now owns 10,133 shares of the company’s stock valued at $28,000 after acquiring an additional 6,344 shares during the last quarter. Creative Planning raised its stake in shares of American Battery Technology by 35.8% during the second quarter. Creative Planning now owns 18,958 shares of the company’s stock valued at $31,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of American Battery Technology by 67.2% during the second quarter. Cetera Investment Advisers now owns 22,117 shares of the company’s stock valued at $36,000 after acquiring an additional 8,886 shares during the last quarter. 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.