Zacks Research Upgrades Electra Battery Materials (NASDAQ:ELBM) to “Hold”

Electra Battery Materials (NASDAQ:ELBM) was upgraded by equities research analysts at Zacks Research to a “hold” rating in a report released on Thursday,Zacks.com reports.

A number of other analysts have also issued reports on ELBM. Raymond James Financial reiterated a “buy” rating on shares of Electra Battery Materials in a research note on Friday. HC Wainwright reiterated a “buy” rating and set a $2.00 price target on shares of Electra Battery Materials in a research note on Friday. Finally, Wall Street Zen upgraded shares of Electra Battery Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.00.

Electra Battery Materials Stock Up 0.5%

Shares of NASDAQ:ELBM opened at $0.61 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market capitalization of $64.56 million, a PE ratio of -0.53 and a beta of 2.51. The firm’s 50-day moving average is $0.61 and its two-hundred day moving average is $0.80. Electra Battery Materials has a 1 year low of $0.50 and a 1 year high of $8.70.

Electra Battery Materials (NASDAQ:ELBM) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.12 earnings per share (EPS) for the quarter. Analysts predict that Electra Battery Materials will post 0.14 EPS for the current year.

Institutional Trading of Electra Battery Materials

A number of large investors have recently made changes to their positions in the company. Rathbones Group PLC increased its stake in shares of Electra Battery Materials by 33.3% during the third quarter. Rathbones Group PLC now owns 100,171 shares of the company’s stock worth $121,000 after buying an additional 25,000 shares during the period. Ground Swell Capital LLC purchased a new stake in shares of Electra Battery Materials during the first quarter worth approximately $27,000. Jane Street Group LLC purchased a new stake in shares of Electra Battery Materials during the fourth quarter worth approximately $82,000. Aristides Capital LLC purchased a new stake in shares of Electra Battery Materials during the fourth quarter worth approximately $116,000. Finally, XTX Topco Ltd purchased a new stake in shares of Electra Battery Materials during the fourth quarter worth approximately $160,000. 32.90% of the stock is currently owned by hedge funds and other institutional investors.

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.