American Battery Technology (NASDAQ:ABAT) Trading Up 14.7% - Still a Buy?

Key Points

• Shares jumped 14.7% on Monday to $4.245, trading about 2.85 million shares in a large intraday move despite volume roughly in line with the recent average.
• Analyst sentiment is negative — the stock carries an average "Sell" rating after recent downgrades from firms including Wall Street Zen and Weiss Ratings.
• Fundamentals remain weak: ABAT reported negative EPS and a deeply negative net margin (-902.69%), while company insiders have recently sold shares, and institutional ownership is modest (~9.9%).

American Battery Technology Company (NASDAQ:ABAT - Get Free Report) rose 14.7% during trading on Monday . The company traded as high as $4.23 and last traded at $4.2450. Approximately 2,845,546 shares were traded during trading, a decline of 2% from the average daily volume of 2,894,316 shares. The stock had previously closed at $3.70.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wall Street Zen downgraded American Battery Technology from a "hold" rating to a "sell" rating in a research report on Sunday, October 19th. Weiss Ratings reaffirmed 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, According to data from MarketBeat, the stock presently has an average rating of "Sell".

American Battery Technology Stock Performance

The stock has a fifty day simple moving average of $3.98 and a two-hundred day simple moving average of $3.50. The stock has a market cap of $593.31 million, a PE ratio of -8.95 and a beta of -1.31.

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

Insider Activity at American Battery Technology

In other news, insider Scott Jolcover sold 17,500 shares of the company's stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $3.88, for a total transaction of $67,900.00. Following the completion of the transaction, the insider owned 321,424 shares in the company, valued at approximately $1,247,125.12. This represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Steven Wu sold 12,333 shares of American Battery Technology 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 sale, the chief operating officer directly owned 286,236 shares in the company, valued at approximately $1,159,255.80. This trade represents a 4.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On American Battery Technology

Several hedge funds have recently made changes to their positions in ABAT. Osaic Holdings Inc. boosted its stake in 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 purchasing an additional 4,502 shares during the period. Creative Planning grew its holdings in American Battery Technology by 35.8% in the 2nd quarter. Creative Planning now owns 18,958 shares of the company's stock valued at $31,000 after buying an additional 5,000 shares during the last quarter. Cetera Investment Advisers increased its position in American Battery Technology by 67.2% during the second quarter. Cetera Investment Advisers now owns 22,117 shares of the company's stock worth $36,000 after acquiring an additional 8,886 shares during the period. Russell Investments Group Ltd. acquired a new position in American Battery Technology in the 3rd quarter valued at approximately $45,000. Finally, Gladstone Institutional Advisory LLC acquired a new position in American Battery Technology in the third quarter worth about $52,000. Institutional investors and hedge funds own 9.88% of the company's stock.

About American Battery Technology

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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