American Battery Technology (NASDAQ:ABAT) Trading 11.3% Higher – Here’s What Happened

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

Analyst Ratings Changes

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

American Battery Technology Stock Up 10.2%

The stock has a market capitalization of $538.14 million, a price-to-earnings ratio of -7.61 and a beta of -0.04. The company’s 50-day simple moving average is $3.10 and its 200 day simple moving average is $3.67.

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

Hedge Funds Weigh In On American Battery Technology

Several hedge funds have recently bought and sold shares of the business. State Street Corp increased its position in American Battery Technology by 364.5% during the fourth quarter. State Street Corp now owns 7,529,560 shares of the company’s stock worth $25,149,000 after buying an additional 5,908,718 shares during the last quarter. Vanguard Group Inc. increased its position in American Battery Technology by 18.7% during the third quarter. Vanguard Group Inc. now owns 5,277,095 shares of the company’s stock worth $25,647,000 after buying an additional 829,609 shares during the last quarter. Millennium Management LLC boosted its holdings in American Battery Technology by 163.8% during the fourth quarter. Millennium Management LLC now owns 3,180,635 shares of the company’s stock valued at $10,623,000 after acquiring an additional 1,975,021 shares during the period. Geode Capital Management LLC boosted its holdings in American Battery Technology by 37.2% during the fourth quarter. Geode Capital Management LLC now owns 2,829,415 shares of the company’s stock valued at $9,453,000 after acquiring an additional 767,756 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in American Battery Technology by 352.3% during the first quarter. Dimensional Fund Advisors LP now owns 644,381 shares of the company’s stock valued at $1,794,000 after acquiring an additional 501,919 shares during the period. 9.88% of the stock is owned by institutional investors and hedge funds.

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.