Elevra Lithium (NASDAQ:ELVR) Shares Gap Up – Should You Buy?

Elevra Lithium Limited – Sponsored ADR (NASDAQ:ELVR)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $24.62, but opened at $27.75. Elevra Lithium shares last traded at $27.8980, with a volume of 17,721 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Elevra Lithium from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, August 31st. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Elevra Lithium has a consensus rating of “Hold”.

Elevra Lithium Price Performance

The business has a 50 day moving average price of $35.34 and a two-hundred day moving average price of $58.24. The company has a quick ratio of 2.95, a current ratio of 3.44 and a debt-to-equity ratio of 0.04.

Elevra Lithium (NASDAQ:ELVR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($194.78) earnings per share (EPS) for the quarter. The company had revenue of $57.72 million during the quarter.

Insider Activity

In other news, COO Sylvain Collard sold 32,651 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $2.15, for a total value of $70,199.65. Following the transaction, the chief operating officer owned 102,911 shares in the company, valued at approximately $221,258.65. This trade represents a 24.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Investors Weigh In On Elevra Lithium

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELVR. GAMMA Investing LLC grew its holdings in Elevra Lithium by 16.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,159 shares of the company’s stock worth $79,000 after acquiring an additional 164 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Elevra Lithium in the second quarter valued at about $30,000. Main Street Group LTD purchased a new position in shares of Elevra Lithium in the first quarter valued at about $27,000. GK Wealth Management LLC bought a new position in shares of Elevra Lithium during the third quarter valued at about $25,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Elevra Lithium by 8.7% during the first quarter. The Manufacturers Life Insurance Company now owns 12,926 shares of the company’s stock valued at $761,000 after acquiring an additional 1,036 shares during the last quarter.

About Elevra Lithium

Elevra Lithium is a lithium mining and development company with operations and projects in Canada and the United States. Its activities include producing spodumene concentrate and advancing lithium resources intended to support battery-material supply chains. In Quebec, the company’s assets include the North American Lithium operation and the Moblan project. In the United States, it holds the Carolina Lithium project in North Carolina. Elevra was formed through the combination of Sayona Mining and Piedmont Lithium, bringing together their North American lithium assets.