American Battery Technology (NASDAQ:ABAT) Shares Gap Up - Should You Buy?

Key Points

• American Battery Technology (NASDAQ:ABAT) shares gapped up from $4.85 to $6.02 at the open, though they last traded at $5.86 with significant volume of 13,253,910 shares.
• Most brokerages, including Weiss Ratings and Wall Street Zen, have issued a "sell" rating on ABAT stock, indicating negative market sentiment.
• The company has reported a negative earnings per share (EPS) of ($0.10) for the previous quarter, alongside a significant drop in net margin of 1,090.07%.

American Battery Technology Company (NASDAQ:ABAT - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $4.85, but opened at $6.02. American Battery Technology shares last traded at $5.86, with a volume of 13,253,910 shares.

Wall Street Analyst Weigh In

Several brokerages have commented on ABAT. Weiss Ratings reissued a "sell (e+)" rating on shares of American Battery Technology in a research report on Tuesday, October 14th. Wall Street Zen downgraded shares of American Battery Technology from a "hold" rating to a "sell" rating in a research report on Sunday. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of "Sell".

American Battery Technology Price Performance

The stock has a market cap of $758.00 million, a P/E ratio of -10.89 and a beta of -1.64. The company has a fifty day moving average of $3.84 and a 200 day moving average of $2.38.

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

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 the company. XTX Topco Ltd purchased a new stake in shares of American Battery Technology in the first quarter worth approximately $144,000. Chico Wealth RIA acquired a new stake in shares of American Battery Technology during the 1st quarter valued at $206,000. Goldman Sachs Group Inc. purchased a new position in shares of American Battery Technology during the 1st quarter valued at $27,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of American Battery Technology during the first quarter worth $71,000. Finally, Bank of America Corp DE boosted its position in American Battery Technology by 2,724.5% during the second quarter. Bank of America Corp DE now owns 26,183 shares of the company's stock valued at $42,000 after purchasing an additional 25,256 shares during the last quarter. Institutional investors and hedge funds 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.

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