Electra Battery Materials (NASDAQ:ELBM) Trading Up 0.7% - Still a Buy?

Key Points

• Electra Battery Materials shares rose 0.7% to $0.5308 in midday trading, while volume was 39% below the average session volume. The stock remains below its 50-day and 200-day moving averages of $0.57 and $0.60.
• Analyst sentiment is mixed: two analysts rate the stock Buy, one Hold and one Sell. The consensus rating is Hold, with a $2.00 target price, although HC Wainwright recently lowered its target from $2.10.
• Institutional investors own 32.9% of the company, with several funds recently initiating or increasing positions. Electra focuses on sourcing, refining and recycling critical battery minerals for electric vehicles and energy storage.

Electra Battery Materials Corporation (NASDAQ:ELBM - Get Free Report) rose 0.7% on Tuesday . The company traded as high as $0.5402 and last traded at $0.5308. 226,383 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 371,003 shares. The stock had previously closed at $0.5270.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ELBM shares. Raymond James Financial reissued a "buy" rating on shares of Electra Battery Materials in a research note on Friday, May 22nd. Zacks Research raised Electra Battery Materials to a "hold" rating in a research report on Thursday, May 21st. Weiss Ratings downgraded Electra Battery Materials from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, September 4th. Finally, HC Wainwright reissued a "buy" rating and issued a $2.00 target price (down from $2.10) on shares of Electra Battery Materials in a research report on Friday, August 21st. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $2.00.

Electra Battery Materials Stock Up 0.7%

The firm's 50-day simple moving average is $0.57 and its 200 day simple moving average is $0.60. 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 has a market capitalization of $56.69 million, a P/E ratio of -0.49 and a beta of 2.55.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. PEAK6 LLC bought a new stake in shares of Electra Battery Materials in the 2nd quarter valued at about $754,000. Rathbones Group PLC increased its position in 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 Electra Battery Materials in the first quarter valued at approximately $27,000. Finally, Aristides Capital LLC bought a new stake in Electra Battery Materials in the fourth quarter valued at approximately $116,000. Institutional investors own 32.90% of the company's stock.

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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