American Battery Technology (NASDAQ:ABAT) Shares Gap Up – What’s Next?

American Battery Technology Company (NASDAQ:ABAT) gapped up prior to trading on Monday . The stock had previously closed at $3.11, but opened at $4.00. American Battery Technology shares last traded at $3.7390, with a volume of 34,703,560 shares changing hands.

Analysts Set New Price Targets

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

American Battery Technology Trading Up 26.2%

The company’s 50-day moving average is $3.19 and its 200-day moving average is $3.65. The firm has a market cap of $535.56 million, a price-to-earnings ratio of -7.45 and a beta of -0.01.

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

Institutional Trading of American Battery Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada boosted its stake in American Battery Technology by 167.4% in the first quarter. Royal Bank of Canada now owns 10,133 shares of the company’s stock valued at $28,000 after buying an additional 6,344 shares in the last quarter. Sei Investments Co. acquired a new position in American Battery Technology during the first quarter worth about $84,000. Dimensional Fund Advisors LP lifted its holdings in shares of American Battery Technology by 352.3% in the first quarter. Dimensional Fund Advisors LP now owns 644,381 shares of the company’s stock worth $1,794,000 after acquiring an additional 501,919 shares during the last quarter. Swiss National Bank lifted its holdings in shares of American Battery Technology by 10.5% in the first quarter. Swiss National Bank now owns 257,200 shares of the company’s stock worth $718,000 after acquiring an additional 24,400 shares during the last quarter. Finally, Wealthfront Advisers LLC acquired a new stake in shares of American Battery Technology in the 1st quarter valued at approximately $48,000. 9.88% of the stock is currently 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.