American Battery Technology (NASDAQ:ABAT) Rating Increased to Strong-Buy at Maxim Group

Key Points

• Maxim Group upgraded American Battery Technology (NASDAQ:ABAT) to a strong-buy, though other firms have recent sell ratings and the consensus still sits at a Moderate Buy with a $6.00 target.
• Shares opened at $3.08 (down 6.9%), market cap about $405.7M, and the company reported a loss (EPS −$0.07) with large negative margins, reflecting continued operating losses.
• ABAT is building a domestic battery metals supply chain, holding lithium claystone claims in Nevada and advancing a pilot direct-extraction and recycling program to create a closed-loop battery materials system.

American Battery Technology (NASDAQ:ABAT - Get Free Report) was upgraded by equities researchers at Maxim Group to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Weiss Ratings reissued a "sell (e+)" rating on shares of American Battery Technology in a research report on Monday, December 29th. Wall Street Zen cut American Battery Technology from a "hold" rating to a "sell" rating in a research report on Saturday, March 7th. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $6.00.

American Battery Technology Stock Down 6.9%

Shares of NASDAQ:ABAT opened at $3.08 on Tuesday. American Battery Technology has a 52-week low of $1.20 and a 52-week high of $11.49. The stock has a market cap of $405.66 million, a P/E ratio of -7.70 and a beta of -0.52. The business's 50 day moving average is $3.20 and its 200 day moving average is $4.02.

American Battery Technology (NASDAQ:ABAT - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported ($0.07) earnings per share (EPS) for the quarter. The firm had revenue of $4.76 million during the quarter. American Battery Technology had a negative return on equity of 46.98% and a negative net margin of 436.31%.

Hedge Funds Weigh In On American Battery Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABAT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in American Battery Technology in the 1st quarter worth $58,000. Goldman Sachs Group Inc. purchased a new position in American Battery Technology in the 1st quarter worth $27,000. Geode Capital Management LLC raised its stake 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. Creative Planning raised its stake in American Battery Technology by 35.8% in the 2nd quarter. Creative Planning now owns 18,958 shares of the company's stock worth $31,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in American Battery Technology by 67.2% in the 2nd quarter. Cetera Investment Advisers now owns 22,117 shares of the company's stock worth $36,000 after acquiring an additional 8,886 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 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.

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