Electra Battery Materials Corporation (NASDAQ:ELBM) Stock Short Interest Climbs 70.8%

Electra Battery Materials Corporation (NASDAQ:ELBM) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totaling 1,861,609 shares, an increase of 70.8% from the September 30th total of 1,089,856 shares. Currently, 2.2% of the company’s stock are short sold. Based on an average daily volume of 405,727 shares, the short-interest ratio is presently 4.6 days.

Institutional Investors Weigh In On Electra Battery Materials

An institutional investor recently bought a new position in Electra Battery Materials stock. PEAK6 LLC bought a new stake in Electra Battery Materials Corporation (NASDAQ:ELBM) during the second quarter, according to its most recent filing with the SEC. The firm bought 1,249,080 shares of the company’s stock, valued at approximately $754,000. PEAK6 LLC owned about 1.17% of Electra Battery Materials at the end of the most recent quarter. 32.90% of the stock is currently owned by institutional investors.

Electra Battery Materials Price Performance

NASDAQ ELBM opened at $0.42 on Tuesday. Electra Battery Materials has a 52 week low of $0.37 and a 52 week high of $1.28. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.48. The stock has a market cap of $44.46 million, a price-to-earnings ratio of -0.38 and a beta of 2.56. The company has a 50-day moving average price of $0.51 and a two-hundred day moving average price of $0.63.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ELBM shares. HC Wainwright restated a “buy” rating and issued a $2.00 price objective (down from $2.10) on shares of Electra Battery Materials in a research note on Friday, August 21st. Weiss Ratings downgraded Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, October 12th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.00.

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.