Electra Battery Materials (NASDAQ:ELBM) Shares Up 3.2% – Here’s What Happened

Electra Battery Materials Corporation (NASDAQ:ELBM) shares shot up 3.2% during trading on Monday . The stock traded as high as $0.6371 and last traded at $0.6159. 421,863 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 916,847 shares. The stock had previously closed at $0.5966.

Analysts Set New Price Targets

Several brokerages recently 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. HC Wainwright reaffirmed a “buy” rating and set a $2.00 price objective on shares of Electra Battery Materials in a report on Friday, May 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Electra Battery Materials in a report on Thursday, June 11th. Raymond James Financial reissued a “buy” rating on shares of Electra Battery Materials in a report on Friday, May 22nd. Finally, Zacks Research raised Electra Battery Materials to a “hold” rating in a report on Thursday, May 21st. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.00.

Electra Battery Materials Stock Performance

The stock has a 50-day simple moving average of $0.62 and a 200-day simple moving average of $0.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market cap of $59.70 million, a PE ratio of -0.49 and a beta of 2.52.

Electra Battery Materials (NASDAQ:ELBM) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.12 earnings per share (EPS) for the quarter. Equities analysts predict that Electra Battery Materials Corporation will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ground Swell Capital LLC acquired a new position in shares of Electra Battery Materials during the first quarter worth about $27,000. Jane Street Group LLC acquired a new position in shares of Electra Battery Materials during the fourth quarter worth about $82,000. Aristides Capital LLC acquired a new position in shares of Electra Battery Materials during the fourth quarter worth about $116,000. Rathbones Group PLC lifted its stake in shares of 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 in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Electra Battery Materials during the fourth quarter worth about $160,000. Institutional investors and hedge funds own 32.90% of the company’s stock.

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.