Elevra Lithium (NASDAQ:ELVR) Shares Gap Up – Here’s What Happened

Elevra Lithium Limited – Sponsored ADR (NASDAQ:ELVR)’s share price gapped up before the market opened on Wednesday. The stock had previously closed at $24.62, but opened at $27.75. Elevra Lithium shares last traded at $27.8980, with a volume of 17,721 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Elevra Lithium from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, August 31st. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold”.

Elevra Lithium Stock Performance

The company has a current ratio of 3.44, a quick ratio of 2.95 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average is $36.69 and its 200 day moving average is $58.59.

Elevra Lithium (NASDAQ:ELVR) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($194.78) earnings per share (EPS) for the quarter. The firm had revenue of $57.72 million for the quarter.

Insiders Place Their Bets

In related news, COO Sylvain Collard sold 32,651 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $2.15, for a total transaction of $70,199.65. Following the completion of the transaction, the chief operating officer directly owned 102,911 shares of the company’s stock, valued at $221,258.65. This trade represents a 24.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Investors Weigh In On Elevra Lithium

Several institutional investors and hedge funds have recently made changes to their positions in ELVR. Hsbc Holdings PLC lifted its stake in shares of Elevra Lithium by 70.6% in the first quarter. Hsbc Holdings PLC now owns 51,604 shares of the company’s stock worth $3,045,000 after acquiring an additional 21,363 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in Elevra Lithium during the 1st quarter valued at approximately $220,000. The Manufacturers Life Insurance Company increased its position in Elevra Lithium by 8.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 12,926 shares of the company’s stock valued at $761,000 after purchasing an additional 1,036 shares during the period. GK Wealth Management LLC acquired a new stake in Elevra Lithium during the 3rd quarter valued at approximately $25,000. Finally, GAMMA Investing LLC raised its holdings in Elevra Lithium by 44.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,676 shares of the company’s stock worth $65,000 after purchasing an additional 517 shares during the last quarter.

Elevra Lithium Company Profile

Elevra Lithium is a lithium mining and development company with operations and projects in Canada and the United States. Its activities include producing spodumene concentrate and advancing lithium resources intended to support battery-material supply chains. In Quebec, the company’s assets include the North American Lithium operation and the Moblan project. In the United States, it holds the Carolina Lithium project in North Carolina. Elevra was formed through the combination of Sayona Mining and Piedmont Lithium, bringing together their North American lithium assets.