American Battery Technology (NASDAQ:ABAT) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen downgraded shares of American Battery Technology (NASDAQ:ABAT) from a sell rating to a strong sell rating in a research note published on Saturday.

Other equities analysts have also recently issued research reports about the company. Maxim Group initiated coverage on American Battery Technology in a report on Tuesday, April 28th. They set a “buy” rating and a $6.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of American Battery Technology in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

American Battery Technology Stock Down 8.5%

ABAT opened at $3.13 on Friday. The business has a fifty day moving average of $3.13 and a 200 day moving average of $3.75. American Battery Technology has a 52-week low of $1.20 and a 52-week high of $11.49. The stock has a market cap of $426.96 million, a P/E ratio of -6.02 and a beta of -0.04.

American Battery Technology (NASDAQ:ABAT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). American Battery Technology had a negative net margin of 390.48% and a negative return on equity of 63.85%. The business had revenue of $7.81 million for the quarter, compared to analysts’ expectations of $3.70 million.

Institutional Investors Weigh In On American Battery Technology

Several hedge funds have recently made changes to their positions in the company. Synergy Investment Management LLC bought a new position in shares of American Battery Technology in the 4th quarter worth $100,000. Arizona State Retirement System bought a new position in shares of American Battery Technology in the 4th quarter worth $111,000. Pictet Asset Management Holding SA bought a new position in shares of American Battery Technology in the 4th quarter worth $42,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in American Battery Technology during the 4th quarter valued at about $231,000. Finally, Apollon Wealth Management LLC acquired a new position in American Battery Technology during the 4th quarter valued at about $53,000. 9.88% of the stock is currently owned by hedge funds and other institutional investors.

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.