American Battery Technology (NASDAQ:ABAT) Shares Gap Up – Time to Buy?

Shares of American Battery Technology Company (NASDAQ:ABAT) gapped up before the market opened on Monday . The stock had previously closed at $3.11, but opened at $4.00. American Battery Technology shares last traded at $3.7390, with a volume of 34,703,560 shares traded.

Analysts Set New Price Targets

A number of analysts have weighed in on ABAT shares. Maxim Group began coverage on shares of American Battery Technology in a research report on Tuesday, April 28th. They issued a “buy” rating and a $6.00 target price on the stock. Wall Street Zen cut American Battery Technology from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings downgraded American Battery Technology from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.00.

American Battery Technology Stock Performance

The business’s fifty day moving average is $3.19 and its 200-day moving average is $3.65. The firm has a market cap of $535.56 million, a P/E ratio of -7.45 and a beta of -0.01.

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

Institutional Trading of American Battery Technology

Several institutional investors have recently modified their holdings of ABAT. Elyxium Wealth LLC bought a new position in American Battery Technology during the 4th quarter worth $25,000. Goldman Sachs Group Inc. acquired a new position in American Battery Technology during the 1st quarter worth about $27,000. Royal Bank of Canada grew its position in shares of American Battery Technology by 167.4% in the 1st quarter. Royal Bank of Canada now owns 10,133 shares of the company’s stock valued at $28,000 after buying an additional 6,344 shares during the last quarter. Creative Planning increased its stake in shares of American Battery Technology by 35.8% in the second 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 period. Finally, Cetera Investment Advisers increased its stake in shares of American Battery Technology by 67.2% in the second quarter. Cetera Investment Advisers now owns 22,117 shares of the company’s stock valued at $36,000 after buying an additional 8,886 shares during the period. Institutional investors own 9.88% of the company’s stock.

American Battery Technology Company Profile

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.