Electra Battery Materials Corporation (NASDAQ:ELBM) Sees Significant Increase in Short Interest

by · The Markets Daily

Electra Battery Materials Corporation (NASDAQ:ELBM – Get Free Report) was the target of a large increase in short interest in January. As of January 15th, there was short interest totaling 573,226 shares, an increase of 20.4% from the December 31st total of 476,244 shares. Based on an average trading volume of 711,850 shares, the short-interest ratio is currently 0.8 days. Approximately 0.8% of the company’s stock are sold short. Approximately 0.8% of the company’s stock are sold short. Based on an average trading volume of 711,850 shares, the short-interest ratio is currently 0.8 days.

Wall Street Analysts Forecast Growth

ELBM has been the subject of several recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $2.10 target price on shares of Electra Battery Materials in a research note on Friday, November 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Electra Battery Materials in a report on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Electra Battery Materials to a “sell” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $2.10.

Check Out Our Latest Report on Electra Battery Materials

Electra Battery Materials Price Performance

NASDAQ ELBM traded up $0.06 on Tuesday, hitting $0.97. 1,981,149 shares of the stock traded hands, compared to its average volume of 1,559,394. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.05 and a quick ratio of 0.05. The business’s fifty day moving average is $0.94 and its two-hundred day moving average is $1.16. Electra Battery Materials has a 12 month low of $0.77 and a 12 month high of $8.70.

Electra Battery Materials (NASDAQ:ELBM – Get Free Report) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). As a group, research analysts forecast that Electra Battery Materials will post -1.72 earnings per share for the current year.

Institutional Trading of Electra Battery Materials

Several hedge funds and other institutional investors have recently modified their holdings of the business. Rathbones Group PLC boosted its holdings in Electra Battery Materials by 113.7% in the 2nd quarter. Rathbones Group PLC now owns 75,171 shares of the company’s stock worth $81,000 after buying an additional 40,000 shares during the period. U S Global Investors Inc. purchased a new stake in shares of Electra Battery Materials during the fourth quarter worth $202,000. Finally, Cable Car Capital LP purchased a new stake in shares of Electra Battery Materials during the second quarter worth $223,000. Institutional investors own 32.90% of the company’s stock.

Electra Battery Materials Company Profile

(Get Free Report)

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.

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