its price and over 2 millions shares were sold during the day. An amazing progress for ABAT, considering its average volume of 478,000 shares traded.[BANNER]But what has caused the high momentum of the stock? Apparently, that’s the recently released by the company financial results. According to the report, 2010 second quarter results of ABAT have improved and the company is highly satisfied with them:
- Net income increased 315%
- Revenue increased 65.8%
- Gross profit increased 74.9%
At the end of June, ABAT had $62.4 million in cash and cash equivalents on its balance sheet and its operating expenses have decreased as compared to the previous quarter.
In July this year, the company had a backlog of around $63 million for delivery throughout the next 12 months, including a battery backlog of approximately $50 million.
Though the company has suffered a net loss of $5 million, the positive earnings placed it among the companies with the highest gross margins in the electrical industry and the stock received strong buy recommendations.
Advanced Battery Technologies manufactures and sells rechargeable Polymer Lithium-Ion batteries. According to the historical records, ABAT hit the high trade at the end of last year as the price climbed up to approximately $5.00 per share. However, this year the stock trades lower.
Currently, no one can be certain about the future moves of the ABAT stock, as today the high momentum was already broken.
