Electra Battery Materials (NASDAQ:ELBM) Stock Falls 0.5% - Here's What Happened

Key Points

• Electra Battery Materials shares fell 0.5% to approximately $0.5069, with trading volume down 35% from the stock’s average daily volume.
• Analyst sentiment remains mixed: HC Wainwright maintained a “Buy” rating but lowered its price target to $2.00, while MarketBeat reports a consensus “Hold” rating and an average target of $2.00.
• Institutional investors and hedge funds own 32.9% of the company, with several investors recently initiating or increasing positions in the battery-materials developer.

Electra Battery Materials Corporation (NASDAQ:ELBM - Get Free Report) dropped 0.5% during trading on Tuesday. The company traded as low as $0.50 and last traded at $0.5069. Approximately 218,295 shares were traded during trading, a decline of 35% from the average daily volume of 337,659 shares. The stock had previously closed at $0.5097.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ELBM shares. HC Wainwright reissued a "buy" rating and issued a $2.00 price objective (down from $2.10) on shares of Electra Battery Materials in a research note on Friday, August 21st. Weiss Ratings raised Electra Battery Materials from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, September 24th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Electra Battery Materials presently has a consensus rating of "Hold" and an average price target of $2.00.

Electra Battery Materials Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.88 and a current ratio of 0.88. The stock's 50-day simple moving average is $0.56 and its two-hundred day simple moving average is $0.58. The stock has a market cap of $54.21 million, a price-to-earnings ratio of -0.47 and a beta of 2.56.

Hedge Funds Weigh In On Electra Battery Materials

Several large investors have recently made changes to their positions in ELBM. PEAK6 LLC bought a new position in Electra Battery Materials in the 2nd quarter worth approximately $754,000. Rathbones Group PLC lifted its holdings in shares of Electra Battery Materials by 149.7% during the first quarter. Rathbones Group PLC now owns 250,171 shares of the company's stock worth $145,000 after buying an additional 150,000 shares during the last quarter. Ground Swell Capital LLC bought a new stake in shares of Electra Battery Materials in the first quarter valued at approximately $27,000. Finally, Aristides Capital LLC bought a new stake in shares of Electra Battery Materials in the fourth quarter valued at approximately $116,000. Institutional investors and hedge funds own 32.90% of the company's stock.

Electra Battery Materials Company Profile

Electra Battery Materials Corporation is a Canadian battery materials company focused on developing domestic and sustainable sources of materials used in electric vehicle batteries. The company's primary project is a cobalt sulfate refinery in Ontario, Canada, designed to produce battery-grade cobalt sulfate for the North American battery supply chain.

Electra has also pursued battery materials recycling, including the processing of lithium-ion battery black mass to recover valuable materials such as cobalt, nickel, lithium and manganese.

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