American Battery Technology (NASDAQ:ABAT) Releases Earnings Results, Misses Estimates By $0.18 EPS

Key Points

• American Battery Technology reported quarterly EPS of -$0.26, missing analyst expectations by $0.18.
• The company’s revenue came in at $7.81 million, which beat estimates of $3.70 million, even as profitability remained weak with a negative net margin and return on equity.
• ABAT shares rose on the day despite the earnings miss, while analyst sentiment remained mixed with a Moderate Buy consensus and a $6.00 average price target.

American Battery Technology (NASDAQ:ABAT - Get Free Report) posted its quarterly earnings results on Monday. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18), FiscalAI reports. American Battery Technology had a negative net margin of 436.31% and a negative return on equity of 46.98%. The business had revenue of $7.81 million during the quarter, compared to analyst estimates of $3.70 million.

American Battery Technology Stock Performance

Shares of NASDAQ:ABAT traded up $0.20 during trading on Monday, reaching $3.37. 2,843,184 shares of the stock were exchanged, compared to its average volume of 4,754,646. The firm's 50-day moving average price is $3.17 and its 200 day moving average price is $3.86. The firm has a market cap of $444.39 million, a price-to-earnings ratio of -8.35 and a beta of -0.04. American Battery Technology has a 12-month low of $1.20 and a 12-month high of $11.49.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its position in shares of 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 acquiring an additional 5,908,718 shares during the last quarter. Vanguard Group Inc. grew its stake in American Battery Technology by 18.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,277,095 shares of the company's stock valued at $25,647,000 after purchasing an additional 829,609 shares in the last quarter. Millennium Management LLC increased its holdings in American Battery Technology by 163.8% during the 4th quarter. Millennium Management LLC now owns 3,180,635 shares of the company's stock worth $10,623,000 after purchasing an additional 1,975,021 shares during the last quarter. Geode Capital Management LLC raised its position in shares of American Battery Technology by 37.2% in the 4th quarter. Geode Capital Management LLC now owns 2,829,415 shares of the company's stock valued at $9,453,000 after purchasing an additional 767,756 shares in the last quarter. Finally, Soviero Asset Management LP acquired a new stake in shares of American Battery Technology during the third quarter worth approximately $3,062,000. 9.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ABAT shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of American Battery Technology in a research report on Friday. Maxim Group assumed coverage on American Battery Technology in a research report on Tuesday, April 28th. They set a "buy" rating and a $6.00 price objective for the company. Finally, Wall Street Zen cut American Battery Technology from a "hold" rating to a "sell" rating in a report on Saturday, March 7th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $6.00.

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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