Electra Battery Materials Corporation (NASDAQ:ELBM) Sees Significant Increase in Short Interest

Electra Battery Materials Corporation (NASDAQ:ELBM) was the recipient of a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 1,042,257 shares, a growth of 69.5% from the January 29th total of 614,788 shares. Currently, 1.3% of the shares of the company are short sold. Based on an average daily trading volume, of 885,301 shares, the short-interest ratio is presently 1.2 days. Based on an average daily trading volume, of 885,301 shares, the short-interest ratio is presently 1.2 days. Currently, 1.3% of the shares of the company are short sold.

Institutional Investors Weigh In On Electra Battery Materials

Several institutional investors and hedge funds have recently added to or reduced their stakes in ELBM. Rathbones Group PLC increased its stake in shares of Electra Battery Materials by 113.7% in the 2nd quarter. Rathbones Group PLC now owns 75,171 shares of the company’s stock valued at $81,000 after purchasing an additional 40,000 shares during the last quarter. Jane Street Group LLC bought a new position in Electra Battery Materials in the fourth quarter valued at about $82,000. Aristides Capital LLC acquired a new position in Electra Battery Materials during the fourth quarter worth about $116,000. XTX Topco Ltd bought a new position in shares of Electra Battery Materials in the fourth quarter worth about $160,000. Finally, U S Global Investors Inc. acquired a new stake in shares of Electra Battery Materials in the 4th quarter valued at approximately $202,000. 32.90% of the stock is currently owned by institutional investors.

Electra Battery Materials Price Performance

ELBM stock traded up $0.01 during mid-day trading on Monday, hitting $0.74. The stock had a trading volume of 414,704 shares, compared to its average volume of 1,192,657. The firm has a fifty day simple moving average of $0.90 and a 200 day simple moving average of $1.11. The firm has a market capitalization of $74.41 million, a P/E ratio of -0.58 and a beta of 2.61. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.11. Electra Battery Materials has a 52 week low of $0.73 and a 52 week high of $8.70.

Analysts Set New Price Targets

A number of research firms recently commented on ELBM. HC Wainwright reaffirmed a “buy” rating and set a $2.10 price target on shares of Electra Battery Materials in a research report on Friday, November 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Electra Battery Materials in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Electra Battery Materials presently has a consensus rating of “Hold” and an average price target of $2.10.

Electra Battery Materials Company Profile

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.