Electra Battery Materials (NASDAQ:ELBM) Trading Down 2.7% – Here’s What Happened

Electra Battery Materials Corporation (NASDAQ:ELBM) shares dropped 2.7% during mid-day trading on Thursday . The stock traded as low as $0.91 and last traded at $0.91. Approximately 443,848 shares traded hands during trading, a decline of 43% from the average daily volume of 780,040 shares. The stock had previously closed at $0.9350.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $2.10 target price on shares of Electra Battery Materials in a research note on Friday, November 28th. Wall Street Zen raised Electra Battery Materials to a “sell” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Electra Battery Materials in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Electra Battery Materials currently has a consensus rating of “Hold” and an average target price of $2.10.

Electra Battery Materials Stock Performance

The firm has a market capitalization of $85.22 million, a price-to-earnings ratio of -0.72 and a beta of 2.58. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.05 and a current ratio of 0.05. The company has a 50-day moving average price of $0.94 and a 200-day moving average price of $1.18.

Electra Battery Materials (NASDAQ:ELBM) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). As a group, research analysts forecast that Electra Battery Materials Corporation will post -1.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Electra Battery Materials

An institutional investor recently raised its position in Electra Battery Materials stock. Rathbones Group PLC grew its position in Electra Battery Materials Corporation (NASDAQ:ELBM) by 113.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,171 shares of the company’s stock after acquiring an additional 40,000 shares during the period. Rathbones Group PLC owned about 0.42% of Electra Battery Materials worth $81,000 at the end of the most recent quarter. Institutional investors own 32.90% of the company’s stock.

About Electra Battery Materials

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.