Electra Battery Materials (NASDAQ:ELBM) Stock Price Down 0.5% – Here’s What Happened

Electra Battery Materials Corporation (NASDAQ:ELBM) shares were down 0.5% during mid-day trading on Tuesday. The stock traded as low as $0.50 and last traded at $0.5069. Approximately 218,295 shares were traded during trading, a decline of 35% from the average daily volume of 337,659 shares. The stock had previously closed at $0.5097.

Analysts Set New Price Targets

ELBM has been the topic of several analyst reports. Weiss Ratings upgraded Electra Battery Materials from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 24th. HC Wainwright reaffirmed a “buy” rating and issued a $2.00 price target (down from $2.10) on shares of Electra Battery Materials in a research note on Friday, August 21st. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Electra Battery Materials has an average rating of “Hold” and an average price target of $2.00.

Electra Battery Materials Price Performance

The company’s 50-day simple moving average is $0.56 and its 200 day simple moving average is $0.58. The company has a market capitalization of $53.82 million, a P/E ratio of -0.47 and a beta of 2.56. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.48.

Hedge Funds Weigh In On Electra Battery Materials

Several large investors have recently bought and sold shares of the stock. PEAK6 LLC bought a new stake in shares of Electra Battery Materials during the second quarter worth $754,000. Rathbones Group PLC grew its holdings in 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 acquiring an additional 150,000 shares during the period. Aristides Capital LLC acquired a new position in shares of Electra Battery Materials in the 4th quarter valued at $116,000. Finally, Ground Swell Capital LLC acquired a new position in Electra Battery Materials in the first quarter valued at about $27,000. 32.90% of the stock is currently owned by institutional investors and hedge funds.

Electra Battery Materials Company Profile

Electra Battery Materials Corporation is a Canadian battery materials company focused on developing domestic and sustainable sources of materials used in electric vehicle batteries. The company’s primary project is a cobalt sulfate refinery in Ontario, Canada, designed to produce battery-grade cobalt sulfate for the North American battery supply chain.

Electra has also pursued battery materials recycling, including the processing of lithium-ion battery black mass to recover valuable materials such as cobalt, nickel, lithium and manganese.