American Battery Technology (NASDAQ:ABAT) Trading Down 5.3% - Here's What Happened

Key Points

• American Battery Technology shares decreased by 5.3% to $4.92, with trading volume surging to approximately 11 million shares, representing a 192% increase from its average daily volume.
• Wall Street analysts recently upgraded the company's stock from a "sell" rating to a "hold" rating, signaling potential future growth despite recent performance.
• American Battery Technology reported a quarterly loss of ($0.10) EPS and revenues of $2.78 million, illustrating significant challenges with a negative net margin of 1,090.07%.

American Battery Technology Company (NASDAQ:ABAT - Get Free Report) shares dropped 5.3% on Thursday . The company traded as low as $4.85 and last traded at $4.92. Approximately 11,087,269 shares were traded during trading, an increase of 192% from the average daily volume of 3,792,484 shares. The stock had previously closed at $5.19.

Wall Street Analysts Forecast Growth

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

American Battery Technology Trading Down 3.9%

The firm has a market cap of $588.48 million, a PE ratio of -8.45 and a beta of -1.68. The business's 50-day simple moving average is $2.83 and its 200 day simple moving average is $1.89.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. grew its position in shares of American Battery Technology by 8.5% in the 2nd quarter. Osaic Holdings Inc. now owns 57,541 shares of the company's stock worth $93,000 after buying an additional 4,502 shares during the last quarter. Thrivent Financial for Lutherans purchased a new position in shares of American Battery Technology in the 2nd quarter worth approximately $50,000. Tower Research Capital LLC TRC grew its position 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 buying an additional 26,736 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of American Battery Technology in the 2nd quarter worth approximately $37,000. Finally, Bank of America Corp DE grew its position in shares of American Battery Technology by 2,724.5% in the 2nd quarter. Bank of America Corp DE now owns 26,183 shares of the company's stock worth $42,000 after buying an additional 25,256 shares during the last quarter. 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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