Electra Battery Materials (NASDAQ:ELBM) Trading Down 1% – Here’s Why

Electra Battery Materials Corporation (NASDAQ:ELBM) shares traded down 1% during trading on Wednesday . The company traded as low as $0.5464 and last traded at $0.5658. Approximately 258,120 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 470,224 shares. The stock had previously closed at $0.5714.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ELBM. Wall Street Zen raised Electra Battery Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Electra Battery Materials in a research note on Thursday, June 11th. Raymond James Financial restated a “buy” rating on shares of Electra Battery Materials in a report on Friday, May 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Electra Battery Materials in a research note on Friday, May 22nd. Finally, Zacks Research upgraded shares of Electra Battery Materials to a “hold” rating in a report on Thursday, May 21st. Two 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.00.

Electra Battery Materials Stock Down 1.0%

The firm has a market cap of $60.40 million, a price-to-earnings ratio of -0.49 and a beta of 2.52. The firm has a 50 day moving average of $0.61 and a 200 day moving average of $0.72. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.54.

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. As a group, sell-side analysts predict that Electra Battery Materials Corporation will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Electra Battery Materials

A number of large investors have recently bought and sold shares of ELBM. Rathbones Group PLC increased its stake in Electra Battery Materials by 33.3% in the third quarter. Rathbones Group PLC now owns 100,171 shares of the company’s stock valued at $121,000 after purchasing an additional 25,000 shares in the last quarter. Ground Swell Capital LLC bought a new position in shares of Electra Battery Materials during the 1st quarter worth about $27,000. Jane Street Group LLC bought a new position in shares of Electra Battery Materials during the 4th quarter worth about $82,000. Aristides Capital LLC acquired a new stake in shares of Electra Battery Materials in the 4th quarter valued at about $116,000. Finally, XTX Topco Ltd acquired a new stake in shares of Electra Battery Materials in the 4th quarter valued at about $160,000. 32.90% of the stock is currently owned by institutional investors and hedge funds.

Electra Battery Materials Company Profile

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.