Electra Battery Materials (NASDAQ:ELBM) Issues Earnings Results

Electra Battery Materials (NASDAQ:ELBM) announced its earnings results on Friday. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $1.23, Zacks reports.

Electra Battery Materials Stock Performance

NASDAQ ELBM opened at $0.55 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.05 and a current ratio of 0.05. The stock’s fifty day moving average is $0.81 and its two-hundred day moving average is $1.07. The firm has a market capitalization of $56.71 million, a P/E ratio of -0.43 and a beta of 2.61. Electra Battery Materials has a fifty-two week low of $0.54 and a fifty-two week high of $8.70.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Electra Battery Materials in a research note on Monday, December 29th. HC Wainwright reaffirmed a “buy” rating and set a $2.10 price objective on shares of Electra Battery Materials in a research note on Friday, November 28th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Electra Battery Materials has a consensus rating of “Hold” and an average price target of $2.10.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. XTX Topco Ltd acquired a new position in shares of Electra Battery Materials during the 4th quarter valued at about $160,000. PEAK6 LLC acquired a new stake in Electra Battery Materials during the fourth quarter worth about $840,000. Jane Street Group LLC acquired a new stake in Electra Battery Materials during the fourth quarter worth about $82,000. Aristides Capital LLC purchased a new position in Electra Battery Materials during the fourth quarter worth about $116,000. Finally, Cable Car Capital LP acquired a new position in Electra Battery Materials in the 2nd quarter valued at about $223,000. Hedge funds and other 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.