Electra Battery Materials (NASDAQ:ELBM) Posts Earnings Results, Beats Estimates By $0.07 EPS

Electra Battery Materials (NASDAQ:ELBM) announced its earnings results on Wednesday. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.07, Zacks reports.

Electra Battery Materials Stock Down 0.5%

NASDAQ:ELBM traded down $0.00 during mid-day trading on Wednesday, reaching $0.60. The stock had a trading volume of 128,315 shares, compared to its average volume of 881,286. The company has a market capitalization of $64.29 million, a price-to-earnings ratio of -0.52 and a beta of 2.53. Electra Battery Materials has a 1-year low of $0.49 and a 1-year high of $8.70. The stock’s 50 day simple moving average is $0.57 and its two-hundred day simple moving average is $0.66. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.75.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ELBM. Weiss Ratings downgraded shares of Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 31st. Zacks Research raised shares of Electra Battery Materials to a “hold” rating in a research report on Thursday, May 21st. Raymond James Financial reiterated a “buy” rating on shares of Electra Battery Materials in a research note on Friday, May 22nd. Wall Street Zen raised Electra Battery Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, HC Wainwright restated a “buy” rating and set a $2.00 price objective on shares of Electra Battery Materials in a research note on Friday, May 22nd. Two investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.00.

Institutional Trading of Electra Battery Materials

Several institutional investors and hedge funds have recently bought and sold shares of ELBM. Jane Street Group LLC bought a new stake in Electra Battery Materials during the fourth quarter valued at $82,000. Aristides Capital LLC bought a new position in shares of Electra Battery Materials in the 4th quarter worth about $116,000. XTX Topco Ltd acquired a new position in shares of Electra Battery Materials in the 4th quarter valued at about $160,000. Cable Car Capital LP acquired a new position in shares of Electra Battery Materials in the 2nd quarter valued at about $223,000. Finally, PEAK6 LLC bought a new stake in shares of Electra Battery Materials during the 4th quarter valued at about $840,000. Institutional investors and hedge funds own 32.90% of the company’s stock.

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.