American Battery Technology (NASDAQ:ABAT) Shares Down 4% – Here’s Why

American Battery Technology Company (NASDAQ:ABAT)’s share price fell 4% on Wednesday . The company traded as low as $3.94 and last traded at $3.9250. 1,256,763 shares were traded during trading, a decline of 79% from the average session volume of 5,893,070 shares. The stock had previously closed at $4.09.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ABAT shares. Wall Street Zen lowered American Battery Technology from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of American Battery Technology in a research note on Monday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, American Battery Technology presently has an average rating of “Sell”.

American Battery Technology Stock Performance

The stock has a market cap of $519.23 million, a PE ratio of -7.83 and a beta of -1.42. The firm has a fifty day moving average price of $4.26 and a 200 day moving average price of $3.38.

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

Insider Activity

In related news, insider Scott Jolcover sold 17,500 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $3.88, for a total value of $67,900.00. Following the completion of the transaction, the insider directly owned 321,424 shares of the company’s stock, valued at $1,247,125.12. This trade represents a 5.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Steven Wu sold 12,333 shares of American Battery Technology stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $4.05, for a total transaction 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 $1,159,255.80. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On American Battery Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABAT. Russell Investments Group Ltd. acquired a new stake in American Battery Technology during the 3rd quarter worth about $45,000. Gladstone Institutional Advisory LLC acquired a new stake in shares of American Battery Technology during the third quarter worth about $52,000. NorthRock Partners LLC purchased a new stake in American Battery Technology in the third quarter valued at approximately $56,000. Prelude Capital Management LLC acquired a new position in American Battery Technology in the 3rd quarter worth approximately $61,000. Finally, United Capital Financial Advisors LLC purchased a new position in American Battery Technology during the 3rd quarter worth approximately $61,000. Hedge funds and other institutional investors 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.