Electra Battery Materials (NASDAQ:ELBM) Stock Price Down 0.3% – Here’s What Happened

Electra Battery Materials Corporation (NASDAQ:ELBM) shares dropped 0.3% on Wednesday. The stock traded as low as $0.4401 and last traded at $0.46. Approximately 158,507 shares were traded during mid-day trading, a decline of 79% from the average session volume of 749,047 shares. The stock had previously closed at $0.4612.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $2.00 price target (down from $2.10) on shares of Electra Battery Materials in a research report on Friday, August 21st. Weiss Ratings downgraded shares of Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, October 12th. 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.00.

Electra Battery Materials Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $44.10 million, a P/E ratio of -0.38 and a beta of 2.56. The business has a 50 day moving average of $0.52 and a 200-day moving average of $0.63.

Institutional Investors Weigh In On Electra Battery Materials

A hedge fund recently bought a new stake in Electra Battery Materials stock. PEAK6 LLC purchased a new position in Electra Battery Materials Corporation (NASDAQ:ELBM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,249,080 shares of the company’s stock, valued at approximately $754,000. PEAK6 LLC owned approximately 1.17% of Electra Battery Materials at the end of the most recent quarter. Hedge funds and other institutional investors own 32.90% of the company’s stock.

About Electra Battery Materials

Electra Battery Materials Corp. is a Canadian battery materials company focused on producing battery-grade cobalt and other materials used in lithium-ion batteries. The company is developing a hydrometallurgical cobalt refinery in Ontario, Canada, designed to process cobalt-bearing feedstock into cobalt sulfate for use in electric vehicle and energy-storage battery supply chains.

The company’s activities also include battery recycling and the recovery of critical minerals from battery materials, including black mass generated from recycled lithium-ion batteries.