Electra Battery Materials (NASDAQ:ELBM) Releases Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Electra Battery Materials reported quarterly EPS of $0.05, beating analysts’ consensus estimate of a $0.02 loss by $0.07.
• Shares fell 1.2% to about $0.60, near the lower end of their 52-week range of $0.49 to $8.70. The stock has a consensus “Hold” rating and an average analyst price target of $2.00.
• Institutional investors and hedge funds own 32.9% of the company, while several firms—including PEAK6, Jane Street and XTX Topco—recently initiated positions.

Electra Battery Materials (NASDAQ:ELBM - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.07, Zacks reports.

Electra Battery Materials Stock Down 1.2%

ELBM traded down $0.01 during midday trading on Wednesday, hitting $0.60. The company had a trading volume of 127,491 shares, compared to its average volume of 881,286. The stock's 50 day moving average price is $0.57 and its 200 day moving average price is $0.66. Electra Battery Materials has a 52 week low of $0.49 and a 52 week high of $8.70. The company has a market capitalization of $63.85 million, a price-to-earnings ratio of -0.52 and a beta of 2.53. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.54.

Analysts Set New Price Targets

A number of analysts have commented on the stock. HC Wainwright reaffirmed a "buy" rating and set a $2.00 price target on shares of Electra Battery Materials in a research report on Friday, May 22nd. Zacks Research raised Electra Battery Materials to a "hold" rating in a research report on Thursday, May 21st. Wall Street Zen raised Electra Battery Materials from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. Raymond James Financial reaffirmed a "buy" rating on shares of Electra Battery Materials in a research note on Friday, May 22nd. Finally, Weiss Ratings downgraded Electra Battery Materials from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, July 31st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $2.00.

Institutional Trading of Electra Battery Materials

Several large investors have recently made changes to their positions in ELBM. XTX Topco Ltd acquired a new position in Electra Battery Materials during the 4th quarter worth approximately $160,000. PEAK6 LLC acquired a new position in shares of Electra Battery Materials during the fourth quarter worth approximately $840,000. Jane Street Group LLC acquired a new position in shares of Electra Battery Materials during the fourth quarter worth approximately $82,000. Aristides Capital LLC bought a new position in shares of Electra Battery Materials in the 4th quarter worth $116,000. Finally, Cable Car Capital LP bought a new position in shares of Electra Battery Materials in the 2nd quarter worth $223,000. 32.90% of the stock is currently owned by institutional investors and hedge funds.

About Electra Battery Materials

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.

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