American Battery Technology (NASDAQ:ABAT) Stock Price Down 6.9% – Here’s What Happened

Shares of American Battery Technology Company (NASDAQ:ABAT) fell 6.9% during mid-day trading on Wednesday . The stock traded as low as $3.06 and last traded at $3.08. 4,840,238 shares changed hands during trading, an increase of 1% from the average session volume of 4,798,056 shares. The stock had previously closed at $3.31.

Analyst Ratings Changes

Several research firms have issued reports on ABAT. Wall Street Zen cut American Battery Technology from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Maxim Group began coverage on American Battery Technology in a research note on Tuesday. They set a “buy” rating and a $6.00 target price for the company. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

American Battery Technology Price Performance

The stock has a 50 day moving average price of $3.20 and a two-hundred day moving average price of $4.01. The firm has a market capitalization of $430.69 million, a price-to-earnings ratio of -8.18 and a beta of -0.04.

American Battery Technology (NASDAQ:ABAT) last issued its quarterly earnings data on Thursday, February 5th. The company reported ($0.07) earnings per share for the quarter. American Battery Technology had a negative net margin of 436.31% and a negative return on equity of 46.98%. The firm had revenue of $4.76 million during the quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Elyxium Wealth LLC purchased a new position in American Battery Technology in the fourth quarter valued at $25,000. Russell Investments Group Ltd. acquired a new stake in American Battery Technology in the third quarter valued at approximately $45,000. Gladstone Institutional Advisory LLC purchased a new position in American Battery Technology in the third quarter worth approximately $52,000. Atom Investors LP purchased a new position in American Battery Technology in the fourth quarter worth approximately $38,000. Finally, NorthRock Partners LLC purchased a new position in American Battery Technology in the third quarter worth approximately $56,000. 9.88% of the stock is currently 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.