Electra Battery Materials (NASDAQ:ELBM) Issues Quarterly Earnings Results, Beats Estimates By $1.23 EPS

Electra Battery Materials (NASDAQ:ELBM) posted its quarterly earnings data on Friday. The company reported $1.05 EPS for the quarter, beating the consensus estimate of ($0.18) by $1.23, Zacks reports.

Electra Battery Materials Stock Down 2.4%

ELBM opened at $0.55 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.05 and a quick ratio of 0.05. Electra Battery Materials has a 12 month low of $0.54 and a 12 month high of $8.70. The stock has a market capitalization of $56.71 million, a P/E ratio of -0.43 and a beta of 2.61. The business has a 50 day simple moving average of $0.81 and a 200-day simple moving average of $1.07.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $2.10 target price on shares of Electra Battery Materials in a research note on Friday, November 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Electra Battery Materials in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.10.

Institutional Investors Weigh In On Electra Battery Materials

Institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new position in shares of 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 purchased a new stake in Electra Battery Materials during the fourth quarter worth about $160,000. Cable Car Capital LP acquired a new position in Electra Battery Materials during the second quarter worth about $223,000. Finally, PEAK6 LLC acquired a new position in Electra Battery Materials during the fourth quarter worth about $840,000. 32.90% of the stock is currently owned by hedge funds and other institutional investors.

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.