Short Interest in Electra Battery Materials Corporation (NASDAQ:ELBM) Increases By 20.4%

Electra Battery Materials Corporation (NASDAQ:ELBM) saw a significant growth in short interest in the month of January. As of January 15th, there was short interest totaling 573,226 shares, a growth of 20.4% from the December 31st total of 476,244 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 711,850 shares, the days-to-cover ratio is currently 0.8 days. Based on an average daily volume of 711,850 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.8% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wall Street Zen raised shares of Electra Battery Materials to a “sell” rating in a report on Saturday, October 25th. HC Wainwright restated a “buy” rating and set a $2.10 price objective on shares of Electra Battery Materials in a research report on Friday, November 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Electra Battery Materials in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Electra Battery Materials presently has an average rating of “Hold” and a consensus target price of $2.10.

Electra Battery Materials Price Performance

Shares of Electra Battery Materials stock opened at $0.94 on Thursday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $91.10 million, a price-to-earnings ratio of -0.74 and a beta of 2.58. Electra Battery Materials has a twelve month low of $0.77 and a twelve month high of $8.70. The company has a 50-day simple moving average of $0.94 and a two-hundred day simple moving average of $1.16.

Electra Battery Materials (NASDAQ:ELBM) last announced its earnings results on Thursday, November 13th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Analysts forecast that Electra Battery Materials will post -1.72 EPS for the current year.

Hedge Funds Weigh In On Electra Battery Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ELBM. U S Global Investors Inc. acquired a new stake in shares of Electra Battery Materials during the 4th quarter worth $202,000. Cable Car Capital LP acquired a new position in Electra Battery Materials in the second quarter valued at about $223,000. Finally, Rathbones Group PLC lifted its position in Electra Battery Materials by 33.3% during the third quarter. Rathbones Group PLC now owns 100,171 shares of the company’s stock worth $121,000 after purchasing an additional 25,000 shares during the period. 32.90% of the stock is 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.