American Battery Technology (NASDAQ:ABAT) Shares Gap Down - Here's What Happened

Key Points

• American Battery Technology shares gapped down significantly from $8.95 to $6.13 before ending at $6.71, reflecting a notable decline in stock value.
• The company was recently upgraded by Wall Street Zen from a "sell" to a "hold" rating, though it currently has an average rating of "sell" according to MarketBeat.
• American Battery Technology reported a quarterly revenue of $2.78 million but incurred a negative net margin of 1,090.07% and had a P/E ratio of -10.25.

American Battery Technology Company (NASDAQ:ABAT - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $8.95, but opened at $6.13. American Battery Technology shares last traded at $6.71, with a volume of 20,665,472 shares trading hands.

Analyst Upgrades and Downgrades

ABAT has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of American Battery Technology from a "sell" rating to a "hold" rating in a research report on Saturday, October 11th. Weiss Ratings reiterated a "sell (e+)" rating on shares of American Battery Technology in a research report on Tuesday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of "Sell".

American Battery Technology Stock Down 33.0%

The firm has a market capitalization of $707.46 million, a P/E ratio of -10.25 and a beta of -1.64. The company's 50 day moving average is $3.71 and its 200-day moving average is $2.30.

American Battery Technology (NASDAQ:ABAT - Get Free Report) last released its quarterly earnings data 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 business had revenue of $2.78 million during the quarter.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Osaic Holdings Inc. lifted its stake in shares of American Battery Technology by 8.5% in the second quarter. Osaic Holdings Inc. now owns 57,541 shares of the company's stock valued at $93,000 after buying an additional 4,502 shares in the last quarter. Creative Planning lifted its position in shares of American Battery Technology by 35.8% during the second quarter. Creative Planning now owns 18,958 shares of the company's stock valued at $31,000 after purchasing an additional 5,000 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of American Battery Technology by 67.2% during the second quarter. Cetera Investment Advisers now owns 22,117 shares of the company's stock valued at $36,000 after purchasing an additional 8,886 shares in the last quarter. Raymond James Financial Inc. lifted its position in shares of American Battery Technology by 49.1% during 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 in the last quarter. Finally, Harbour Capital Advisors LLC bought a new position in shares of American Battery Technology during the third quarter valued at about $71,000. 9.88% of the stock is owned by 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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