American Battery Technology (NASDAQ:ABAT) Shares Gap Up - Here's Why

Key Points

• American Battery Technology shares increased from $4.38 to $4.83 before settling at $4.63, with a trading volume of nearly 4 million shares.
• Analysts upgraded the company's stock rating from "sell" to "hold," indicating a more positive outlook on its future performance.
• The company's recent quarterly earnings showed a loss of $0.10 per share with a revenue of $2.78 million, alongside a high negative return on equity of 67.35%.

American Battery Technology Company (NASDAQ:ABAT - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $4.38, but opened at $4.83. American Battery Technology shares last traded at $4.63, with a volume of 3,917,839 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of American Battery Technology from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th.

American Battery Technology Stock Performance

The stock has a fifty day moving average of $2.70 and a 200 day moving average of $1.82. The company has a market capitalization of $590.96 million, a PE ratio of -8.45 and a beta of -2.20.

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

Institutional Investors Weigh In On American Battery Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC purchased a new position in shares of American Battery Technology in the fourth quarter worth about $32,000. ProShare Advisors LLC purchased a new position in shares of American Battery Technology in the second quarter worth about $27,000. Creative Planning raised its stake in shares of American Battery Technology by 35.8% in the second quarter. Creative Planning now owns 18,958 shares of the company's stock worth $31,000 after purchasing an additional 5,000 shares during the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of American Battery Technology in the second quarter worth about $36,000. Finally, Cetera Investment Advisers raised its stake in shares of American Battery Technology by 67.2% in the second quarter. Cetera Investment Advisers now owns 22,117 shares of the company's stock worth $36,000 after purchasing an additional 8,886 shares during the last quarter. 9.88% of the stock is currently owned by hedge funds and other institutional investors.

About American Battery Technology

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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