American Battery Technology (NASDAQ:ABAT) Upgraded by Wall Street Zen to Hold Rating

Key Points

• American Battery Technology (NASDAQ:ABAT) was upgraded from a "sell" to a "hold" rating by Wall Street Zen analysts, indicating cautious optimism for the stock.
• The company's recent quarterly earnings showed a loss of ($0.14) earnings per share, which fell short of the consensus estimate by ($0.18).
• Institutional investors have increased their holdings in American Battery Technology, with notable transactions by firms like Soviero Asset Management and Geode Capital Management.

American Battery Technology (NASDAQ:ABAT - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

American Battery Technology Stock Performance

Shares of NASDAQ ABAT traded down $0.53 during trading on Friday, reaching $2.35. The stock had a trading volume of 11,798,738 shares, compared to its average volume of 7,023,280. American Battery Technology has a one year low of $0.73 and a one year high of $4.11. The stock has a market cap of $215.94 million, a PE ratio of -2.55 and a beta of -2.23. The firm's 50 day moving average price is $1.71 and its two-hundred day moving average price is $1.41.

American Battery Technology (NASDAQ:ABAT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.18). American Battery Technology had a negative net margin of 3,230.84% and a negative return on equity of 74.43%.

Institutional Investors Weigh In On American Battery Technology

A number of institutional investors and hedge funds have recently modified their holdings of ABAT. Soviero Asset Management LP acquired a new stake in shares of American Battery Technology during the fourth quarter worth $1,673,000. Chico Wealth RIA purchased a new position in American Battery Technology in the first quarter valued at about $206,000. Geode Capital Management LLC grew its stake in American Battery Technology by 25.0% in the fourth quarter. Geode Capital Management LLC now owns 806,152 shares of the company's stock valued at $1,984,000 after purchasing an additional 161,089 shares in the last quarter. XTX Topco Ltd purchased a new position in American Battery Technology in the first quarter valued at about $144,000. Finally, Tcfg Wealth Management LLC purchased a new position in American Battery Technology in the first quarter valued at about $96,000. 9.88% of the stock is owned by institutional investors and hedge funds.

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.