Electra Battery Materials (NASDAQ:ELBM) Stock Rating Reaffirmed as Buy by HC Wainwright

Electra Battery Materials (NASDAQ:ELBM)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a report released on Tuesday, Benzinga reports. They currently have a $2.00 price objective on the stock. HC Wainwright‘s price objective suggests a potential upside of 350.55% from the company’s current price.

Separately, Weiss Ratings downgraded Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, October 12th. Two equities research 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $2.00.

Electra Battery Materials Stock Performance

Shares of ELBM opened at $0.44 on Tuesday. 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 firm’s fifty day simple moving average is $0.50 and its two-hundred day simple moving average is $0.62. Electra Battery Materials has a 12 month low of $0.37 and a 12 month high of $1.25. The stock has a market capitalization of $47.51 million, a P/E ratio of -0.41 and a beta of 2.58.

Institutional Investors Weigh In On Electra Battery Materials

An institutional investor recently bought a new stake in Electra Battery Materials stock. PEAK6 LLC acquired a new stake in shares of Electra Battery Materials Corporation (NASDAQ:ELBM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,249,080 shares of the company’s stock, valued at approximately $754,000. PEAK6 LLC owned 1.17% of Electra Battery Materials at the end of the most recent quarter. Institutional investors own 32.90% of the company’s stock.

Electra Battery Materials Company Profile

Electra Battery Materials Corp. is a Canadian battery materials company focused on producing battery-grade cobalt and other materials used in lithium-ion batteries. The company is developing a hydrometallurgical cobalt refinery in Ontario, Canada, designed to process cobalt-bearing feedstock into cobalt sulfate for use in electric vehicle and energy-storage battery supply chains.

The company’s activities also include battery recycling and the recovery of critical minerals from battery materials, including black mass generated from recycled lithium-ion batteries.