Electra Battery Materials (NASDAQ:ELBM) Shares Down 1% - What's Next?

Key Points

• Electra Battery Materials shares fell 1% on Wednesday, trading at a low of $0.5464 and ending near $0.5658, with volume below its daily average.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $2.00 price target, with two Buy ratings, one Hold, and one Sell rating reported.
• The company reported quarterly EPS of $0.12 in its latest earnings release, while analysts expect $0.14 EPS for the current fiscal year.

Shares of Electra Battery Materials Corporation (NASDAQ:ELBM - Get Free Report) were down 1% during trading on Wednesday . The company traded as low as $0.5464 and last traded at $0.5658. Approximately 258,120 shares traded hands during trading, a decline of 45% from the average daily volume of 470,224 shares. The stock had previously closed at $0.5714.

Analysts Set New Price Targets

A number of research analysts recently commented on ELBM shares. Wall Street Zen upgraded shares of Electra Battery Materials from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. HC Wainwright restated 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 research report on Thursday, June 11th. Zacks Research raised Electra Battery Materials to a "hold" rating in a research report on Thursday, May 21st. Finally, Raymond James Financial reiterated a "buy" rating on shares of Electra Battery Materials in a research note on Friday, May 22nd. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $2.00.

Electra Battery Materials Price Performance

The business's 50 day moving average is $0.61 and its 200-day moving average is $0.72. The firm has a market capitalization of $60.40 million, a P/E ratio of -0.49 and a beta of 2.52. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.54.

Electra Battery Materials (NASDAQ:ELBM - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.12 EPS for the quarter. As a group, sell-side analysts predict that Electra Battery Materials Corporation will post 0.14 EPS for the current fiscal year.

Institutional Trading of Electra Battery Materials

Several institutional investors and hedge funds have recently modified their holdings of the business. Cable Car Capital LP bought a new position in Electra Battery Materials in the second quarter valued at about $223,000. Rathbones Group PLC lifted its holdings in shares of Electra Battery Materials by 33.3% in the third quarter. Rathbones Group PLC now owns 100,171 shares of the company's stock worth $121,000 after acquiring an additional 25,000 shares during the last quarter. U S Global Investors Inc. bought a new position in shares of Electra Battery Materials in the fourth quarter worth about $202,000. Aristides Capital LLC acquired a new stake in shares of Electra Battery Materials in the 4th quarter valued at approximately $116,000. Finally, Jane Street Group LLC acquired a new stake in shares of Electra Battery Materials in the 4th quarter valued at approximately $82,000. 32.90% of the stock is currently owned by institutional investors.

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.

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