American Battery Technology (NASDAQ:ABAT) Shares Up 10.4% - What's Next?

Key Points

• Shares jumped 10.4% intraday to a high of $4.90 (last $4.815) on Tuesday, with volume about 3.82 million shares—roughly 52% below the stock's average session volume.
• The analyst consensus is weak—MarketBeat shows an average rating of "Sell", including recent downgrades and a reiterated "sell" from Weiss Ratings.
• Fundamentals remain challenged: the company reported Q3 EPS of -$0.09, deeply negative margins and ROE, a market cap of ~$617 million, and recent insider sales that lowered insider ownership to about 2.8%.

American Battery Technology Company (NASDAQ:ABAT - Get Free Report) shares shot up 10.4% during trading on Tuesday . The stock traded as high as $4.90 and last traded at $4.8150. 3,818,694 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 7,883,273 shares. The stock had previously closed at $4.36.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of American Battery Technology from a "hold" rating to a "sell" rating in a report on Sunday, October 19th. Weiss Ratings reiterated a "sell (e+)" rating on shares of American Battery Technology in a research note on Monday, December 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of "Sell".

American Battery Technology Price Performance

The firm has a 50-day moving average of $4.11 and a 200-day moving average of $3.85. The stock has a market cap of $617.36 million, a PE ratio of -9.31 and a beta of -1.31.

American Battery Technology (NASDAQ:ABAT - Get Free Report) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.09) earnings per share for the quarter. American Battery Technology had a negative return on equity of 59.93% and a negative net margin of 902.69%.The business had revenue of $0.94 million during the quarter.

Insider Activity

In related news, insider Scott Jolcover sold 17,500 shares of the business's stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $3.88, for a total value of $67,900.00. Following the sale, the insider directly owned 321,424 shares in the company, valued at approximately $1,247,125.12. The trade was a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Steven Wu sold 12,333 shares of the firm's stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $4.05, for a total value of $49,948.65. Following the transaction, the chief operating officer owned 286,236 shares of the company's stock, valued at $1,159,255.80. This represents a 4.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On American Battery Technology

Several institutional investors have recently bought and sold shares of ABAT. Goldman Sachs Group Inc. purchased a new position in American Battery Technology in the first quarter worth about $27,000. Police & Firemen s Retirement System of New Jersey bought a new stake in American Battery Technology in the second quarter worth $36,000. ProShare Advisors LLC purchased a new position in American Battery Technology during the second quarter worth $27,000. Thrivent Financial for Lutherans purchased a new stake in shares of American Battery Technology in the second quarter valued at $50,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of American Battery Technology by 400.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 33,411 shares of the company's stock worth $54,000 after acquiring an additional 26,736 shares during the last quarter. Institutional investors own 9.88% of the company's stock.

American Battery Technology Company Profile

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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