Electra Battery Materials (NASDAQ:ELBM) Trading Down 1% – Time to Sell?

Electra Battery Materials Corporation (NASDAQ:ELBM)’s stock price fell 1% during mid-day trading on Wednesday . The company traded as low as $0.5464 and last traded at $0.5658. 258,120 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 470,224 shares. The stock had previously closed at $0.5714.

Analyst Ratings Changes

ELBM has been the topic of a number of research analyst reports. Zacks Research upgraded Electra Battery Materials to a “hold” rating in a research report on Thursday, May 21st. HC Wainwright reissued a “buy” rating and issued a $2.00 price objective on shares of Electra Battery Materials in a research note on Friday, May 22nd. Raymond James Financial restated a “buy” rating on shares of Electra Battery Materials in a report on Friday, May 22nd. Wall Street Zen upgraded Electra Battery Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Electra Battery Materials in a report on Thursday, June 11th. Two 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.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.00.

Electra Battery Materials Price Performance

The company has a debt-to-equity ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market capitalization of $60.70 million, a P/E ratio of -0.49 and a beta of 2.52. The company’s 50 day moving average price is $0.60 and its 200 day moving average price is $0.72.

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

Hedge Funds Weigh In On Electra Battery Materials

Several large investors have recently made changes to their positions in ELBM. PEAK6 LLC acquired a new stake in Electra Battery Materials in the fourth quarter worth about $840,000. U S Global Investors Inc. bought a new position in shares of Electra Battery Materials in the 4th quarter valued at about $202,000. Cable Car Capital LP bought a new position in shares of Electra Battery Materials in the 2nd quarter valued at about $223,000. XTX Topco Ltd acquired a new stake in shares of Electra Battery Materials during the 4th quarter worth approximately $160,000. Finally, Rathbones Group PLC grew its position in shares of Electra Battery Materials by 149.7% during the 1st 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 period. Institutional investors and hedge funds 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.