Investors Purchase High Volume of American Battery Technology Call Options (NASDAQ:ABAT)

American Battery Technology Company (NASDAQ:ABAT) saw unusually large options trading on Monday. Investors acquired 25,132 call options on the stock. This is an increase of approximately 738% compared to the average daily volume of 2,999 call options.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On American Battery Technology

Hedge funds have recently bought and sold shares of the company. State Street Corp lifted its position in American Battery Technology by 364.5% during the fourth quarter. State Street Corp now owns 7,529,560 shares of the company’s stock valued at $25,149,000 after purchasing an additional 5,908,718 shares during the period. Millennium Management LLC lifted its holdings in American Battery Technology by 163.8% during the fourth quarter. Millennium Management LLC now owns 3,180,635 shares of the company’s stock valued at $10,623,000 after purchasing an additional 1,975,021 shares in the last quarter. Geode Capital Management LLC raised its holdings in American Battery Technology by 113.8% during the second quarter. Geode Capital Management LLC now owns 1,935,526 shares of the company’s stock valued at $3,136,000 after acquiring an additional 1,030,323 shares during the period. Vanguard Group Inc. raised its stake in American Battery Technology by 18.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,277,095 shares of the company’s stock valued at $25,647,000 after purchasing an additional 829,609 shares during the period. Finally, Soviero Asset Management LP purchased a new position in shares of American Battery Technology in the third quarter worth $3,062,000. Institutional investors own 9.88% of the company’s stock.

American Battery Technology Price Performance

American Battery Technology stock traded up $1.13 during mid-day trading on Monday, hitting $4.24. The company’s stock had a trading volume of 49,398,300 shares, compared to its average volume of 5,470,759. The business has a 50 day moving average price of $3.19 and a 200-day moving average price of $3.65. American Battery Technology has a 12 month low of $1.20 and a 12 month high of $11.49. The stock has a market cap of $577.71 million, a price-to-earnings ratio of -7.99 and a beta of -0.01.

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

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.