Electra Battery Materials Corporation (NASDAQ:ELBM) Sees Large Drop in Short Interest

Electra Battery Materials Corporation (NASDAQ:ELBM) was the target of a large decrease in short interest in December. As of December 31st, there was short interest totaling 476,244 shares, a decrease of 45.9% from the December 15th total of 881,051 shares. Based on an average daily volume of 850,478 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.7% of the shares of the company are short sold. Approximately 0.7% of the shares of the company are short sold. Based on an average daily volume of 850,478 shares, the days-to-cover ratio is presently 0.6 days.

Hedge Funds Weigh In On Electra Battery Materials

An institutional investor recently raised its position in Electra Battery Materials stock. Rathbones Group PLC raised its holdings in Electra Battery Materials Corporation (NASDAQ:ELBM) by 33.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,171 shares of the company’s stock after purchasing an additional 25,000 shares during the period. Rathbones Group PLC owned about 0.56% of Electra Battery Materials worth $121,000 at the end of the most recent quarter. 32.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Electra Battery Materials in a research note on Monday, December 29th. HC Wainwright reiterated a “buy” rating and set a $2.10 price target on shares of Electra Battery Materials in a research note on Friday, November 28th. Finally, Wall Street Zen upgraded Electra Battery Materials to a “sell” rating in a research note on Saturday, October 25th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2.10.

Electra Battery Materials Stock Performance

NASDAQ:ELBM traded up $0.02 during trading hours on Thursday, reaching $0.92. The company had a trading volume of 509,785 shares, compared to its average volume of 680,456. The firm has a market cap of $86.06 million, a PE ratio of -0.72 and a beta of 2.58. Electra Battery Materials has a 1-year low of $0.77 and a 1-year high of $8.70. The business’s 50 day moving average price is $0.93 and its 200-day moving average price is $1.17. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.05 and a quick ratio of 0.05.

Electra Battery Materials (NASDAQ:ELBM) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Research analysts forecast that Electra Battery Materials will post -1.72 EPS for the current year.

About Electra Battery Materials

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.