Elevra Lithium (NASDAQ:ELVR) Shares Gap Down – Should You Sell?

Elevra Lithium Limited – Sponsored ADR (NASDAQ:ELVR) shares gapped down before the market opened on Thursday. The stock had previously closed at $39.02, but opened at $37.26. Elevra Lithium shares last traded at $36.10, with a volume of 24,094 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Elevra Lithium from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, August 31st. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Elevra Lithium has a consensus rating of “Hold”.

Elevra Lithium Price Performance

The stock’s 50 day simple moving average is $54.70 and its 200 day simple moving average is $66.63. The company has a quick ratio of 2.95, a current ratio of 3.44 and a debt-to-equity ratio of 0.04.

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

Hedge Funds Weigh In On Elevra Lithium

Several institutional investors have recently modified their holdings of ELVR. Hsbc Holdings PLC raised its holdings in shares of Elevra Lithium by 70.6% during the 1st quarter. Hsbc Holdings PLC now owns 51,604 shares of the company’s stock valued at $3,045,000 after buying an additional 21,363 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Elevra Lithium by 8.7% in the first quarter. The Manufacturers Life Insurance Company now owns 12,926 shares of the company’s stock worth $761,000 after buying an additional 1,036 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new position in Elevra Lithium during the first quarter valued at approximately $220,000. GAMMA Investing LLC grew its position in Elevra Lithium by 16.5% during the second quarter. GAMMA Investing LLC now owns 1,159 shares of the company’s stock valued at $79,000 after acquiring an additional 164 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Elevra Lithium during the second quarter worth approximately $30,000.

Elevra Lithium Company Profile

Elevra Lithium is a mineral exploration company focused on identifying and developing lithium resources for the battery materials market. Its activities center on the exploration of lithium-bearing properties and the evaluation of their potential for future resource development.

The company’s portfolio includes the Apollo Lithium Project in Quebec, Canada, within the prospective James Bay lithium region. Elevra Lithium’s work includes geological studies, exploration drilling, resource assessment and related technical programs intended to determine the project’s commercial potential.

Elevra Lithium was previously known as Lithium Universe Limited before adopting its current name.