American Battery Technology (NASDAQ:ABAT) Shares Down 6.7% – Should You Sell?

American Battery Technology Company (NASDAQ:ABAT)’s stock price traded down 6.7% on Wednesday . The stock traded as low as $4.62 and last traded at $4.5250. 2,984,285 shares were traded during trading, a decline of 63% from the average session volume of 7,968,268 shares. The stock had previously closed at $4.85.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ABAT shares. 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 restated a “sell (e+)” rating on shares of American Battery Technology in a report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

American Battery Technology Trading Down 4.9%

The business’s 50-day moving average is $4.04 and its two-hundred day moving average is $3.78. The firm has a market cap of $599.16 million, a P/E ratio of -9.04 and a beta of -1.31.

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

Insider Buying and Selling

In other American Battery Technology news, insider Scott Jolcover sold 17,500 shares of the firm’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 transaction, the insider owned 321,424 shares of the company’s stock, valued at approximately $1,247,125.12. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Steven Wu sold 12,333 shares of the company’s stock in a transaction 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 completion of the sale, the chief operating officer owned 286,236 shares of the company’s stock, valued at approximately $1,159,255.80. This trade represents a 4.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On American Battery Technology

Several hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of American Battery Technology during the 1st quarter worth approximately $58,000. Goldman Sachs Group Inc. acquired a new position in American Battery Technology during the first quarter worth $27,000. ProShare Advisors LLC bought a new position in shares of American Battery Technology during the second quarter valued at $27,000. Geode Capital Management LLC boosted its stake in shares of American Battery Technology by 113.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,935,526 shares of the company’s stock valued at $3,136,000 after purchasing an additional 1,030,323 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey bought a new stake in shares of American Battery Technology in the 2nd quarter worth about $36,000. 9.88% of the stock is owned by institutional investors and hedge funds.

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.