Electra Battery Materials (NASDAQ:ELBM) Issues Quarterly Earnings Results

Electra Battery Materials (NASDAQ:ELBM) released its earnings results on Friday. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of ($0.18) by $1.23, Zacks reports.

Electra Battery Materials Trading Down 2.4%

Shares of NASDAQ:ELBM traded down $0.01 during midday trading on Friday, hitting $0.55. 668,960 shares of the stock were exchanged, compared to its average volume of 936,352. The business’s 50-day moving average price is $0.81 and its 200 day moving average price is $1.07. Electra Battery Materials has a 12 month low of $0.54 and a 12 month high of $8.70. 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 stock has a market capitalization of $56.71 million, a price-to-earnings ratio of -0.43 and a beta of 2.61.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Electra Battery Materials in a research report on Monday, December 29th. HC Wainwright reiterated a “buy” rating and set a $2.10 price target on shares of Electra Battery Materials in a report on Friday, November 28th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Electra Battery Materials has a consensus rating of “Hold” and an average price target of $2.10.

Institutional Investors Weigh In On Electra Battery Materials

A number of institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new position in Electra Battery Materials in the 4th quarter valued at approximately $82,000. Aristides Capital LLC acquired a new position in shares of Electra Battery Materials during the fourth quarter worth $116,000. XTX Topco Ltd bought a new stake in shares of Electra Battery Materials in the fourth quarter worth $160,000. Cable Car Capital LP acquired a new stake in Electra Battery Materials in the second quarter valued at $223,000. Finally, PEAK6 LLC bought a new position in Electra Battery Materials during the 4th quarter worth $840,000. 32.90% of the stock is owned by 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.