Short Interest in Electra Battery Materials Corporation (NASDAQ:ELBM) Rises By 20.4%

Electra Battery Materials Corporation (NASDAQ:ELBM) saw a large growth in short interest in January. As of January 15th, there was short interest totaling 573,226 shares, a growth of 20.4% from the December 31st total of 476,244 shares. Based on an average daily volume of 711,850 shares, the days-to-cover ratio is presently 0.8 days. Currently, 0.8% of the shares of the company are sold short. Currently, 0.8% of the shares of the company are sold short. Based on an average daily volume of 711,850 shares, the days-to-cover ratio is presently 0.8 days.

Hedge Funds Weigh In On Electra Battery Materials

A number of large investors have recently modified their holdings of ELBM. U S Global Investors Inc. acquired a new stake in shares of Electra Battery Materials in the fourth quarter valued at approximately $202,000. Cable Car Capital LP acquired a new stake in shares of Electra Battery Materials in the 2nd quarter valued at $223,000. Finally, Rathbones Group PLC increased its stake in shares of Electra Battery Materials by 33.3% in the 3rd quarter. Rathbones Group PLC now owns 100,171 shares of the company’s stock valued at $121,000 after buying an additional 25,000 shares during the period. 32.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Electra Battery Materials Price Performance

ELBM stock traded down $0.07 during midday trading on Wednesday, reaching $0.90. 666,185 shares of the company’s stock traded hands, compared to its average volume of 1,539,579. The company has a 50-day simple moving average of $0.94 and a two-hundred day simple moving average of $1.16. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.11. Electra Battery Materials has a 1-year low of $0.77 and a 1-year high of $8.70. The company has a market cap of $87.22 million, a price-to-earnings ratio of -0.71 and a beta of 2.58.

Electra Battery Materials (NASDAQ:ELBM) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). On average, analysts anticipate that Electra Battery Materials will post -1.72 earnings per share for the current year.

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.