American Battery Technology (NASDAQ:ABAT) Trading Down 9.5% - Here's What Happened

Key Points

• American Battery Technology (NASDAQ:ABAT) saw its stock price drop by 9.5%, closing at $4.6420 after trading as low as $4.82, with a notable decline in trading volume.
• Research firms have recently changed their ratings on ABAT, with Wall Street Zen downgrading it from "hold" to "sell", contributing to the current consensus rating of "sell".
• The company reported a negative net margin of 1,090.07% for its recent quarter, alongside earnings per share of ($0.10) and revenues of $2.78 million.

American Battery Technology Company (NASDAQ:ABAT - Get Free Report) fell 9.5% on Monday . The stock traded as low as $4.82 and last traded at $4.6420. 1,548,278 shares were traded during trading, a decline of 73% from the average session volume of 5,713,123 shares. The stock had previously closed at $5.13.

Analysts Set New Price Targets

Several research firms have recently weighed in on ABAT. Wall Street Zen cut American Battery Technology from a "hold" rating to a "sell" rating in a report on Sunday, October 19th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of American Battery Technology in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Sell".

American Battery Technology Price Performance

The stock has a market cap of $514.11 million, a PE ratio of -7.38 and a beta of -1.64. The stock has a 50-day moving average price of $4.47 and a two-hundred day moving average price of $2.71.

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 for the quarter. The firm 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

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in American Battery Technology by 113.8% in the second quarter. Geode Capital Management LLC now owns 1,935,526 shares of the company's stock worth $3,136,000 after acquiring an additional 1,030,323 shares in the last quarter. XTX Topco Ltd purchased a new position in American Battery Technology in the first quarter worth about $144,000. New York State Common Retirement Fund bought a new stake in American Battery Technology in the second quarter worth about $120,000. Charles Schwab Investment Management Inc. bought a new stake in American Battery Technology in the first quarter worth about $71,000. Finally, Osaic Holdings Inc. raised its stake in shares of American Battery Technology by 8.5% during the second quarter. Osaic Holdings Inc. now owns 57,541 shares of the company's stock valued at $93,000 after acquiring an additional 4,502 shares in the last quarter. Hedge funds and other institutional investors 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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