Electra Battery Materials Corporation (NASDAQ:ELBM) Sees Significant Increase in Short Interest

Electra Battery Materials Corporation (NASDAQ:ELBM) saw a significant increase in short interest in February. As of February 13th, there was short interest totaling 1,042,257 shares, an increase of 69.5% from the January 29th total of 614,788 shares. Based on an average daily volume of 885,301 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.3% of the shares of the company are sold short. Currently, 1.3% of the shares of the company are sold short. Based on an average daily volume of 885,301 shares, the days-to-cover ratio is presently 1.2 days.

Analyst Upgrades and Downgrades

ELBM has been the subject of several analyst reports. HC Wainwright restated 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 investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.10.

Institutional Trading of Electra Battery Materials

Several large investors have recently bought and sold shares of the company. PEAK6 LLC purchased a new position in shares of Electra Battery Materials during the fourth quarter valued at approximately $840,000. U S Global Investors Inc. purchased a new position in Electra Battery Materials in the 4th quarter worth approximately $202,000. Cable Car Capital LP purchased a new stake in Electra Battery Materials during the 2nd quarter valued at $223,000. XTX Topco Ltd bought a new position in shares of Electra Battery Materials during the fourth quarter valued at $160,000. Finally, Aristides Capital LLC bought a new position in Electra Battery Materials during the 4th quarter valued at about $116,000. 32.90% of the stock is owned by institutional investors.

Electra Battery Materials Trading Down 6.7%

Shares of NASDAQ ELBM traded down $0.05 during mid-day trading on Friday, hitting $0.74. The stock had a trading volume of 1,834,605 shares, compared to its average volume of 756,163. The firm has a market cap of $73.90 million, a P/E ratio of -0.58 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 business has a 50 day moving average price of $0.90 and a two-hundred day moving average price of $1.11. Electra Battery Materials has a 1 year low of $0.74 and a 1 year high of $8.70.

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.