American Battery Technology (NASDAQ:ABAT) Trading 8.4% Higher – Should You Buy?

American Battery Technology Company (NASDAQ:ABAT)’s stock price rose 8.4% on Tuesday . The company traded as high as $2.35 and last traded at $2.32. Approximately 3,308,169 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 3,255,412 shares. The stock had previously closed at $2.14.

Analysts Set New Price Targets

A number of research firms recently issued reports on ABAT. Wall Street Zen downgraded shares of American Battery Technology from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Maxim Group began coverage on shares of American Battery Technology in a research report on Tuesday, April 28th. They set a “buy” rating and a $6.00 target price for the company. Finally, Weiss Ratings upgraded shares of American Battery Technology from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, American Battery Technology currently has an average rating of “Moderate Buy” and an average target price of $6.00.

American Battery Technology Stock Up 3.0%

The stock has a market cap of $326.03 million, a P/E ratio of -4.60 and a beta of 0.27. The business’s 50-day simple moving average is $2.82 and its two-hundred day simple moving average is $3.25.

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

Insider Activity

In other American Battery Technology news, COO Steven Wu sold 115,480 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $3.56, for a total value of $411,108.80. Following the completion of the transaction, the chief operating officer owned 342,695 shares in the company, valued at $1,219,994.20. This trade represents a 25.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On American Battery Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Elyxium Wealth LLC bought a new stake in American Battery Technology during the 4th quarter worth approximately $25,000. Goldman Sachs Group Inc. bought a new position in American Battery Technology in the 1st quarter valued at $27,000. Royal Bank of Canada grew its position in shares of American Battery Technology by 167.4% during the 1st quarter. Royal Bank of Canada now owns 10,133 shares of the company’s stock valued at $28,000 after purchasing an additional 6,344 shares in the last quarter. Creative Planning grew its position in shares of American Battery Technology by 35.8% during the 2nd quarter. Creative Planning now owns 18,958 shares of the company’s stock valued at $31,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of American Battery Technology by 67.2% in the second quarter. Cetera Investment Advisers now owns 22,117 shares of the company’s stock worth $36,000 after purchasing an additional 8,886 shares during the period. 9.88% of the stock is owned by hedge funds and other 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.