American Battery Technology (NASDAQ:ABAT) Shares Gap Up – Should You Buy?

American Battery Technology Company (NASDAQ:ABAT)’s share price 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 traded.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in 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. Maxim Group assumed coverage on shares of American Battery Technology in a research report on Tuesday, April 28th. They issued a “buy” rating and a $6.00 target price for the company. Finally, Wall Street Zen lowered shares of American Battery Technology from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.00.

American Battery Technology Stock Down 14.7%

The firm’s 50-day moving average is $3.22 and its 200-day moving average is $3.64. The company has a market capitalization of $441.97 million, a PE ratio of -6.23 and a beta of -0.01.

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

Institutional Trading of American Battery Technology

Several institutional investors have recently added to or reduced their stakes in ABAT. Elyxium Wealth LLC purchased a new stake in American Battery Technology during the fourth quarter valued at about $25,000. Goldman Sachs Group Inc. purchased a new stake in American Battery Technology during the first quarter valued at about $27,000. Royal Bank of Canada boosted its position in American Battery Technology by 167.4% during 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 during the period. Creative Planning boosted its position in American Battery Technology by 35.8% during the second quarter. Creative Planning now owns 18,958 shares of the company’s stock valued at $31,000 after buying an additional 5,000 shares during the period. Finally, Cetera Investment Advisers boosted its position in American Battery Technology by 67.2% during the second quarter. Cetera Investment Advisers now owns 22,117 shares of the company’s stock valued at $36,000 after buying an additional 8,886 shares during the period. 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.