Electra Battery Materials (NASDAQ:ELBM) Issues Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Electra Battery Materials (NASDAQ:ELBM) issued its quarterly earnings results on Thursday. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07, Zacks reports.

Electra Battery Materials Price Performance

ELBM stock remained flat at $0.59 during midday trading on Friday. 177,886 shares of the company’s stock were exchanged, compared to its average volume of 872,322. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.75. Electra Battery Materials has a 1 year low of $0.49 and a 1 year high of $8.70. The stock’s fifty day simple moving average is $0.56 and its 200-day simple moving average is $0.65. The company has a market cap of $62.91 million, a P/E ratio of -0.54 and a beta of 2.53.

Analyst Ratings Changes

ELBM has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 31st. Raymond James Financial restated a “buy” rating on shares of Electra Battery Materials in a report on Friday, May 22nd. Zacks Research raised shares of Electra Battery Materials to a “hold” rating in a research report on Thursday, May 21st. Wall Street Zen raised shares of Electra Battery Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $2.00 price target on shares of Electra Battery Materials in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.00.

Hedge Funds Weigh In On Electra Battery Materials

A number of hedge funds have recently made changes to their positions in the business. Jane Street Group LLC purchased a new stake in Electra Battery Materials during the 4th quarter worth $82,000. Aristides Capital LLC acquired a new stake in shares of Electra Battery Materials in the fourth quarter valued at about $116,000. XTX Topco Ltd acquired a new stake in shares of Electra Battery Materials in the fourth quarter valued at about $160,000. Cable Car Capital LP purchased a new stake in shares of Electra Battery Materials during the 2nd quarter valued at about $223,000. Finally, PEAK6 LLC purchased a new stake in shares of Electra Battery Materials during the 4th quarter valued at about $840,000. Hedge funds and other institutional investors own 32.90% of the company’s stock.

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.