Advanced Battery Technologies (Nasdaq: ABAT) climbed steadily from a low of $1.17 in mid-November to an intraday high today of $2.90. The decline in broader markets and the economy as well as a decline in energy prices decimated the share price of Advanced Battery Technologies over the last year.
However, the company continues to put forth strong fundamentals and advance its market presence, and I remain confident the share price will continue to escalate from these lows. The announcement of a stock repurchase program and the acquisition of an electric vehicle company in a global recession only underscores the health of Advanced Battery Technologies, in my opinion.
With an EPS of $0.30, the P/E ratio in mid-November dropped to below 4x, which is why I strongly recommended the stock. Today, the P/E ratio sits near 10x.
Expect resistance levels to be strong in the $2.90s. Between the resistance and upcoming quiet holiday trading period, Advanced Battery Technologies will likely end the current uptrend. Expect the stock to consolidate near the previous support and 50MA near $2.50. But over the medium-term and long-term, expect the uptrend to continue.
Reminiscing, it was in July of 2007 when Advanced Battery Technologies was at the price levels of today and I first began trading the company. From these levels, the share price climbed to a high of $9.66 in the span of a few months. I cannot definitively project share prices near those highs again, but the fundamentals, growth, and management's decisions continue to impress.
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However, the company continues to put forth strong fundamentals and advance its market presence, and I remain confident the share price will continue to escalate from these lows. The announcement of a stock repurchase program and the acquisition of an electric vehicle company in a global recession only underscores the health of Advanced Battery Technologies, in my opinion.
With an EPS of $0.30, the P/E ratio in mid-November dropped to below 4x, which is why I strongly recommended the stock. Today, the P/E ratio sits near 10x.
Expect resistance levels to be strong in the $2.90s. Between the resistance and upcoming quiet holiday trading period, Advanced Battery Technologies will likely end the current uptrend. Expect the stock to consolidate near the previous support and 50MA near $2.50. But over the medium-term and long-term, expect the uptrend to continue.
Reminiscing, it was in July of 2007 when Advanced Battery Technologies was at the price levels of today and I first began trading the company. From these levels, the share price climbed to a high of $9.66 in the span of a few months. I cannot definitively project share prices near those highs again, but the fundamentals, growth, and management's decisions continue to impress.
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