American Battery Technology (NASDAQ:ABAT) Lowered to Sell Rating by Wall Street Zen

Key Points

• American Battery Technology (NASDAQ:ABAT) has received a downgrade from a "hold" to a "sell" rating by Wall Street Zen, indicating a negative outlook from analysts.
• The company's stock has seen a significant decline, down 14.5%, and it has a market cap of $572.54 million, reflecting challenging financial metrics.
• Despite the negative ratings, some hedge funds are increasing their stakes in American Battery Technology, with Geode Capital Management raising its holdings by 113.8% in the second quarter.

American Battery Technology (NASDAQ:ABAT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Sunday.

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of American Battery Technology in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of "Sell".

American Battery Technology Stock Down 14.5%

ABAT stock opened at $4.85 on Friday. The firm has a market cap of $572.54 million, a PE ratio of -8.22 and a beta of -1.64. The business has a 50 day moving average of $3.84 and a 200-day moving average of $2.37. American Battery Technology has a 12-month low of $0.73 and a 12-month high of $11.49.

American Battery Technology (NASDAQ:ABAT - Get Free Report) last posted its quarterly earnings data on Thursday, September 18th. The company reported ($0.10) EPS for the quarter. American Battery Technology had a negative net margin of 1,090.07% and a negative return on equity of 67.35%. The firm had revenue of $2.78 million during the quarter.

Hedge Funds Weigh In On American Battery Technology

A number of hedge funds have recently added to or reduced their stakes in ABAT. Geode Capital Management LLC raised its holdings in American Battery Technology by 113.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,935,526 shares of the company's stock worth $3,136,000 after acquiring an additional 1,030,323 shares during the last quarter. Chico Wealth RIA purchased a new position in shares of American Battery Technology during the 1st quarter valued at $206,000. XTX Topco Ltd purchased a new position in shares of American Battery Technology during the 1st quarter valued at $144,000. New York State Common Retirement Fund purchased a new stake in American Battery Technology in the 2nd quarter worth $120,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in American Battery Technology in the 1st quarter worth $71,000. 9.88% of the stock is currently owned by hedge funds and other institutional investors.

American Battery Technology Company Profile

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.

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