American Battery Technology (NASDAQ:ABAT) Sees Large Volume Increase - Should You Buy?

Key Points

• American Battery Technology saw a dramatic increase in trading volume, with approximately 8.1 million shares changing hands, a 74% rise from the previous session.
• Despite high trading activity, the consensus rating for the stock remains a "Sell" according to analysts, with Weiss Ratings maintaining a "sell (e+)" rating.
• The company reported a loss of ($0.10) earnings per share and a significantly negative net margin of 1,090.07% in its recent quarterly earnings results.

Shares of American Battery Technology Company (NASDAQ:ABAT - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 8,102,451 shares traded hands during mid-day trading, an increase of 74% from the previous session's volume of 4,661,493 shares.The stock last traded at $10.27 and had previously closed at $11.33.

Analyst Upgrades and Downgrades

ABAT has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of American Battery Technology in a research note on Tuesday. Wall Street Zen upgraded shares of American Battery Technology from a "sell" rating to a "hold" rating in a research note on Saturday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, American Battery Technology currently has a consensus rating of "Sell".

American Battery Technology Price Performance

The firm's 50-day moving average is $3.58 and its 200-day moving average is $2.25. The company has a market capitalization of $966.00 million, a P/E ratio of -14.22 and a beta of -1.64.

American Battery Technology (NASDAQ:ABAT - Get Free Report) last issued its quarterly earnings results on Thursday, September 18th. The company reported ($0.10) earnings per share 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 for the quarter.

Hedge Funds Weigh In On American Battery Technology

Several hedge funds have recently modified their holdings of ABAT. Geode Capital Management LLC lifted its holdings in shares of American Battery Technology by 113.8% in the second quarter. Geode Capital Management LLC now owns 1,935,526 shares of the company's stock worth $3,136,000 after buying an additional 1,030,323 shares in the last quarter. Chico Wealth RIA purchased a new position in shares of American Battery Technology in the first quarter worth $206,000. XTX Topco Ltd purchased a new position in shares of American Battery Technology in the first quarter worth $144,000. New York State Common Retirement Fund purchased a new position in shares of American Battery Technology in the second quarter worth $120,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in shares of American Battery Technology in the first quarter worth $71,000. Hedge funds and other institutional investors own 9.88% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.