Elemental Royalty (NASDAQ:ELE) Stock Price Down 3.4% – Here’s Why

Elemental Royalty Corp (NASDAQ:ELE)’s stock price fell 3.4% during mid-day trading on Wednesday . The company traded as low as $14.28 and last traded at $14.31. 266,127 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 318,258 shares. The stock had previously closed at $14.82.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ELE shares. HC Wainwright started coverage on Elemental Royalty in a report on Monday, March 16th. They set a “buy” rating and a $32.50 price target on the stock. Zacks Research upgraded Elemental Royalty to a “hold” rating in a research note on Thursday, April 9th. Finally, Weiss Ratings lowered shares of Elemental Royalty from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 2nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.50.

Elemental Royalty Stock Up 3.7%

The firm has a market capitalization of $988.03 million and a P/E ratio of 766.50. The stock has a fifty day moving average price of $17.87.

Elemental Royalty (NASDAQ:ELE) last issued its earnings results on Wednesday, May 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.10). The firm had revenue of $24.32 million during the quarter.

Elemental Royalty Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.8%. The ex-dividend date was Tuesday, March 31st.

Institutional Trading of Elemental Royalty

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sprott Inc. purchased a new position in Elemental Royalty during the 4th quarter worth approximately $31,830,000. Medici Capital LLC acquired a new stake in shares of Elemental Royalty in the fourth quarter valued at approximately $14,890,000. Condire Management LP purchased a new position in shares of Elemental Royalty during the fourth quarter worth approximately $11,646,000. Amundi purchased a new position in shares of Elemental Royalty during the first quarter worth approximately $12,813,000. Finally, Marshall Wace LLP acquired a new position in shares of Elemental Royalty in the 4th quarter valued at $5,243,000.

Elemental Royalty Company Profile

Elemental Royalties (NASDAQ: ELE) is a publicly traded company that acquires and manages royalty and streaming interests in the mining sector. The firm focuses on securing long?lived, low?cost interests that provide ongoing, contractually defined payments or metal deliveries from producing and near?term development mineral projects. By targeting royalties and streams rather than operating mines, the company seeks exposure to commodity price upside while avoiding the capital intensity and operating risks of miners.

Elemental Royalties’ activities include sourcing and negotiating royalty and stream transactions, performing technical and commercial due diligence on potential assets, and actively managing a diversified portfolio of interests.