American Battery Technology (NASDAQ:ABAT) Trading 11.3% Higher – Time to Buy?

Shares of American Battery Technology Company (NASDAQ:ABAT) were up 11.3% during mid-day trading on Thursday . The company traded as high as $3.97 and last traded at $3.9850. Approximately 5,633,154 shares traded hands during trading, an increase of 14% from the average daily volume of 4,942,721 shares. The stock had previously closed at $3.58.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ABAT shares. Wall Street Zen cut shares of American Battery Technology from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. 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. Finally, Maxim Group started coverage on shares of American Battery Technology in a report on Tuesday, April 28th. They set a “buy” rating and a $6.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, American Battery Technology has an average rating of “Moderate Buy” and an average target price of $6.00.

American Battery Technology Price Performance

The company’s 50 day moving average is $3.10 and its two-hundred day moving average is $3.67. The firm has a market cap of $538.14 million, a P/E ratio of -7.61 and a beta of -0.04.

American Battery Technology (NASDAQ:ABAT) last released its 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). American Battery Technology had a negative net margin of 390.48% and a negative return on equity of 63.85%. The company had revenue of $7.81 million during the quarter, compared to the consensus estimate of $3.70 million.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Elyxium Wealth LLC acquired a new position in American Battery Technology in the fourth quarter worth about $25,000. Goldman Sachs Group Inc. acquired a new position in American Battery Technology in the first quarter worth about $27,000. Royal Bank of Canada raised its position 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 worth $28,000 after purchasing an additional 6,344 shares in the last quarter. Creative Planning raised its position in American Battery Technology by 35.8% in the second quarter. Creative Planning now owns 18,958 shares of the company’s stock worth $31,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in 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 in the last quarter. Institutional investors and hedge funds own 9.88% of the company’s stock.

About American Battery Technology

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.