Electra Battery Materials (NASDAQ:ELBM) Earns Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Electra Battery Materials (NASDAQ:ELBM) in a research note released on Tuesday,Benzinga reports. The firm currently has a $2.40 price objective on the stock. HC Wainwright also issued estimates for Electra Battery Materials’ FY2024 earnings at ($1.61) EPS and FY2025 earnings at ($0.81) EPS.

Electra Battery Materials Trading Down 7.9 %

Shares of NASDAQ ELBM opened at $1.17 on Tuesday. Electra Battery Materials has a 1-year low of $1.04 and a 1-year high of $2.83. The company has a 50-day moving average of $1.55 and a two-hundred day moving average of $1.91. The company has a market cap of $17.32 million, a PE ratio of -0.33 and a beta of 2.46. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.12.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Electra Battery Materials stock. Scotia Capital Inc. lifted its position in shares of Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,766 shares of the company’s stock after acquiring an additional 23,290 shares during the quarter. Scotia Capital Inc. owned approximately 0.45% of Electra Battery Materials worth $30,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 32.90% of the company’s stock.

Electra Battery Materials Company Profile

Electra Battery Materials Corporation engages in the acquisition and exploration of resource properties in the United States and Canada. It primarily explores for cobalt and silver deposits. The company's flagship project is the Iron Creek cobalt-copper project located in Lemhi County, Idaho. It also operates a cobalt refinery for producing battery materials for the electric vehicle supply chain.