American Battery Technology (NASDAQ:ABAT) Posts Earnings Results

Key Points

• American Battery Technology reported a quarterly loss of ($0.10) earnings per share, accompanied by a negative return on equity of 74.43% and a staggering negative net margin of 3,230.84%.
• Despite the earnings results, ABAT stock gained 13.0% to reach $2.75, with a trading volume significantly exceeding its average volume.
• Several hedge funds increased their stakes in American Battery Technology, with Geode Capital Management amplifying its ownership by 113.8% in the second quarter.

American Battery Technology (NASDAQ:ABAT - Get Free Report) issued its earnings results on Thursday. The company reported ($0.10) earnings per share (EPS) for the quarter, Zacks reports. American Battery Technology had a negative net margin of 1,090.07% and a negative return on equity of 67.35%. The business had revenue of $2.78 million for the quarter.

American Battery Technology Price Performance

NASDAQ ABAT traded up $0.47 on Monday, reaching $3.77. 13,487,713 shares of the company's stock traded hands, compared to its average volume of 3,317,348. The stock has a market cap of $346.41 million, a PE ratio of -6.39 and a beta of -2.19. American Battery Technology has a 12 month low of $0.73 and a 12 month high of $4.11. The stock has a 50-day simple moving average of $2.48 and a 200 day simple moving average of $1.71.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised American Battery Technology from a "sell" rating to a "hold" rating in a report on Saturday, July 26th.

Hedge Funds Weigh In On American Battery Technology

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its position in American Battery Technology by 113.8% during the second quarter. Geode Capital Management LLC now owns 1,935,526 shares of the company's stock valued at $3,136,000 after buying an additional 1,030,323 shares during the period. New York State Common Retirement Fund purchased a new stake in American Battery Technology during the 2nd quarter valued at about $120,000. Osaic Holdings Inc. grew its position in American Battery Technology by 8.5% during the 2nd quarter. Osaic Holdings Inc. now owns 57,541 shares of the company's stock worth $93,000 after acquiring an additional 4,502 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in American Battery Technology in the 1st quarter worth approximately $58,000. Finally, Raymond James Financial Inc. lifted its position in American Battery Technology by 49.1% in the second quarter. Raymond James Financial Inc. now owns 42,444 shares of the company's stock valued at $69,000 after purchasing an additional 13,984 shares during the last quarter. Hedge funds and other institutional investors own 9.88% of the company's stock.

About American Battery Technology

American Battery Technology Company operates as a battery materials company. The company explores for resources of battery metals, such as such as lithium, nickel, cobalt, and manganese; and develops and commercializes technologies for the extraction of battery metals, as well as commercializes integrated process for the recycling of lithium-ion batteries.