Electra Battery Materials (NASDAQ:ELBM) Trading 0.7% Higher – Here’s Why

Electra Battery Materials Corporation (NASDAQ:ELBM) shares shot up 0.7% on Tuesday . The company traded as high as $0.5402 and last traded at $0.5308. Approximately 226,383 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 371,003 shares. The stock had previously closed at $0.5270.

Wall Street Analyst Weigh In

ELBM has been the subject of a number of research analyst reports. Raymond James Financial reaffirmed a “buy” rating on shares of Electra Battery Materials in a research report on Friday, May 22nd. Zacks Research upgraded shares of Electra Battery Materials to a “hold” rating in a research note on Thursday, May 21st. Weiss Ratings downgraded shares of Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, September 4th. Finally, HC Wainwright restated a “buy” rating and set a $2.00 price objective (down from $2.10) on shares of Electra Battery Materials in a research report on Friday, August 21st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.00.

Electra Battery Materials Stock Up 0.7%

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.48. The stock has a market cap of $56.69 million, a P/E ratio of -0.49 and a beta of 2.55. The firm has a 50-day simple moving average of $0.57 and a two-hundred day simple moving average of $0.60.

Hedge Funds Weigh In On Electra Battery Materials

Hedge funds have recently bought and sold shares of the business. PEAK6 LLC acquired a new stake in Electra Battery Materials in the 2nd quarter worth about $754,000. Rathbones Group PLC grew its position in shares of Electra Battery Materials by 149.7% during the 1st quarter. Rathbones Group PLC now owns 250,171 shares of the company’s stock worth $145,000 after purchasing an additional 150,000 shares in the last quarter. Ground Swell Capital LLC bought a new position in shares of Electra Battery Materials during the first quarter worth approximately $27,000. Finally, Aristides Capital LLC bought a new position in shares of Electra Battery Materials during the fourth quarter worth approximately $116,000. 32.90% of the stock is owned by institutional investors.

Electra Battery Materials Company Profile

Electra Battery Materials Inc is a Canada-based battery materials company focused on the sourcing, refining and recycling of critical minerals used in lithium-ion batteries. The company’s core business activities include the development of hydrometallurgical processing facilities to convert raw feedstocks—such as mined ores, recycled battery black mass and industrial by-products—into battery-grade nickel, cobalt, lithium and other specialty materials. Electra’s business model centers on vertically integrated operations designed to secure supply chain resilience for North American and global electric vehicle (EV) and energy storage markets.

In 2022, Electra Battery Materials completed a business combination transaction and commenced trading on the NASDAQ under the ticker ELBM.