American Battery Technology Sees Unusually High Options Volume (NASDAQ:ABAT)

American Battery Technology Company (NASDAQ:ABAT) was the target of some unusual options trading activity on Monday. Stock traders acquired 25,132 call options on the stock. This is an increase of 738% compared to the typical volume of 2,999 call options.

American Battery Technology Stock Performance

Shares of ABAT stock traded up $1.13 on Monday, hitting $4.24. The company had a trading volume of 49,398,300 shares, compared to its average volume of 5,470,759. The stock’s 50-day moving average is $3.19 and its two-hundred day moving average is $3.65. The firm has a market cap of $577.71 million, a P/E ratio of -7.99 and a beta of -0.01. American Battery Technology has a twelve month low of $1.20 and a twelve month high of $11.49.

American Battery Technology (NASDAQ:ABAT) last released its earnings results on Monday, May 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.70 million.

Institutional Investors Weigh In On American Battery Technology

A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of American Battery Technology by 364.5% during the fourth quarter. State Street Corp now owns 7,529,560 shares of the company’s stock valued at $25,149,000 after acquiring an additional 5,908,718 shares during the last quarter. Vanguard Group Inc. grew its stake in American Battery Technology by 18.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,277,095 shares of the company’s stock valued at $25,647,000 after purchasing an additional 829,609 shares during the period. Millennium Management LLC increased its position in shares of American Battery Technology by 163.8% during the 4th quarter. Millennium Management LLC now owns 3,180,635 shares of the company’s stock valued at $10,623,000 after purchasing an additional 1,975,021 shares during the last quarter. Geode Capital Management LLC increased its position in shares of American Battery Technology by 37.2% during the 4th quarter. Geode Capital Management LLC now owns 2,829,415 shares of the company’s stock valued at $9,453,000 after purchasing an additional 767,756 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of American Battery Technology by 352.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 644,381 shares of the company’s stock worth $1,794,000 after purchasing an additional 501,919 shares during the period. 9.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on ABAT. Maxim Group started coverage on American Battery Technology in a report on Tuesday, April 28th. They set a “buy” rating and a $6.00 price target for the company. Wall Street Zen downgraded American Battery Technology from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, Weiss Ratings cut shares of American Battery Technology from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, American Battery Technology has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

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.