American Battery Technology (NASDAQ:ABAT) Shares Down 5% – Here’s What Happened

American Battery Technology Company (NASDAQ:ABAT) dropped 5% on Thursday . The stock traded as low as $4.98 and last traded at $5.0450. Approximately 829,046 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 7,835,650 shares. The stock had previously closed at $5.31.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wall Street Zen downgraded American Battery Technology from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of American Battery Technology in a research report on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, American Battery Technology currently has a consensus rating of “Sell”.

American Battery Technology Trading Down 7.8%

The company has a market cap of $636.20 million, a PE ratio of -9.60 and a beta of -1.31. The stock has a 50 day moving average price of $3.98 and a 200 day moving average price of $3.68.

American Battery Technology (NASDAQ:ABAT) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.09) EPS for the quarter. The firm had revenue of $0.94 million for the quarter. American Battery Technology had a negative net margin of 902.69% and a negative return on equity of 59.93%.

Insider Transactions at American Battery Technology

In related news, insider Scott Jolcover sold 17,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $3.88, for a total transaction of $67,900.00. Following the completion of the transaction, the insider owned 321,424 shares of the company’s stock, valued at $1,247,125.12. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Steven Wu sold 12,333 shares of American Battery Technology stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $4.05, for a total value of $49,948.65. Following the transaction, the chief operating officer owned 286,236 shares of the company’s stock, valued at $1,159,255.80. The trade was a 4.13% decrease in their position. The SEC filing for this sale provides additional information. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On American Battery Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. purchased a new stake in American Battery Technology during the 1st quarter valued at about $27,000. ProShare Advisors LLC purchased a new position in American Battery Technology in the second quarter worth about $27,000. Creative Planning lifted its stake in shares of 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 buying an additional 5,000 shares in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of American Battery Technology during the second quarter valued at approximately $36,000. Finally, Cetera Investment Advisers increased its position in shares of 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 acquiring an additional 8,886 shares in the last quarter. 9.88% of the stock is currently owned by institutional investors.

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.