American Battery Technology (NASDAQ:ABAT) Trading 6.6% Higher - Time to Buy?

Key Points

• American Battery Technology's stock increased by 6.6% during mid-day trading, reaching a high of $5.73 before closing at $5.93, although trading volume was down by 68% compared to its average.
• Despite the stock's recent increase, several analysts, including Weiss Ratings and Wall Street Zen, have downgraded it to a "sell" rating, reflecting a consensus rating of "Sell" based on current evaluations.
• The company's recent quarterly earnings reported a loss of ($0.10) per share and revenue of $2.78 million, with negative profitability metrics indicating a challenging financial outlook.

Shares of American Battery Technology Company (NASDAQ:ABAT - Get Free Report) traded up 6.6% during mid-day trading on Wednesday . The company traded as high as $5.73 and last traded at $5.93. 1,291,466 shares changed hands during trading, a decline of 68% from the average session volume of 4,005,493 shares. The stock had previously closed at $5.56.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of American Battery Technology in a report on Saturday, September 27th. Wall Street Zen cut American Battery Technology from a "hold" rating to a "sell" rating in a report on Friday, October 3rd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of "Sell".

American Battery Technology Stock Up 7.6%

The firm has a fifty day moving average of $3.01 and a 200-day moving average of $2.01. The stock has a market capitalization of $705.94 million, a price-to-earnings ratio of -9.96 and a beta of -1.64.

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

Hedge Funds Weigh In On American Battery Technology

Hedge funds have recently bought and sold shares of the stock. ProShare Advisors LLC purchased a new position in American Battery Technology during the second quarter worth $27,000. Goldman Sachs Group Inc. purchased a new position in American Battery Technology during the first quarter worth $27,000. Creative Planning increased its position in American Battery Technology by 35.8% during the second quarter. Creative Planning now owns 18,958 shares of the company's stock worth $31,000 after buying an additional 5,000 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of American Battery Technology in the fourth quarter valued at $32,000. Finally, Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of American Battery Technology in the second quarter valued at $36,000. Hedge funds and other institutional investors own 9.88% of the company's stock.

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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