Electra Battery Materials (NASDAQ:ELBM) Stock Price Up 3.2% – What’s Next?

Electra Battery Materials Corporation (NASDAQ:ELBM) was up 3.2% during trading on Monday . The stock traded as high as $0.6371 and last traded at $0.6159. Approximately 421,863 shares were traded during trading, a decline of 54% from the average daily volume of 916,847 shares. The stock had previously closed at $0.5966.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ELBM shares. Zacks Research raised Electra Battery Materials to a “hold” rating in a research report on Thursday, May 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of Electra Battery Materials in a research report on Thursday. Raymond James Financial restated a “buy” rating on shares of Electra Battery Materials in a research report on Friday, May 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $2.00 target price on shares of Electra Battery Materials in a research report on Friday, May 22nd. Finally, Wall Street Zen upgraded 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 issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $2.00.

Electra Battery Materials Stock Performance

The firm has a market capitalization of $64.86 million, a price-to-earnings ratio of -0.53 and a beta of 2.52. The company has a fifty day moving average of $0.63 and a two-hundred day moving average of $0.77. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.75 and a current ratio of 0.75.

Electra Battery Materials (NASDAQ:ELBM) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.12 earnings per share for the quarter. As a group, equities research analysts predict that Electra Battery Materials Corporation will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Electra Battery Materials

Several hedge funds have recently added to or reduced their stakes in the company. Rathbones Group PLC lifted its holdings in Electra Battery Materials by 33.3% during the 3rd quarter. Rathbones Group PLC now owns 100,171 shares of the company’s stock worth $121,000 after purchasing an additional 25,000 shares during the last quarter. Ground Swell Capital LLC acquired a new stake in Electra Battery Materials during the 1st quarter worth approximately $27,000. Jane Street Group LLC bought a new position in Electra Battery Materials during the 4th quarter worth $82,000. Aristides Capital LLC acquired a new position in Electra Battery Materials in the 4th quarter valued at $116,000. Finally, XTX Topco Ltd acquired a new position in Electra Battery Materials in the 4th quarter valued at $160,000. 32.90% of the stock is owned by institutional investors and hedge funds.

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.