Electra Battery Materials Corporation (NASDAQ:ELBM) Short Interest Down 45.9% in December

Electra Battery Materials Corporation (NASDAQ:ELBM) saw a large decrease in short interest in the month of December. As of December 31st, there was short interest totaling 476,244 shares, a decrease of 45.9% from the December 15th total of 881,051 shares. Based on an average daily volume of 850,478 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.7% of the company’s stock are sold short. Approximately 0.7% of the company’s stock are sold short. Based on an average daily volume of 850,478 shares, the days-to-cover ratio is currently 0.6 days.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wall Street Zen upgraded Electra Battery Materials to a “sell” rating in a research note on Saturday, October 25th. HC Wainwright reiterated a “buy” rating and issued a $2.10 price target on shares of Electra Battery Materials in a research note on Friday, November 28th. Finally, Weiss Ratings reiterated 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2.10.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Electra Battery Materials stock. Cable Car Capital LP purchased a new position in shares of Electra Battery Materials Corporation (NASDAQ:ELBM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 207,860 shares of the company’s stock, valued at approximately $223,000. Cable Car Capital LP owned approximately 1.18% of Electra Battery Materials at the end of the most recent reporting period. 32.90% of the stock is currently owned by hedge funds and other institutional investors.

Electra Battery Materials Stock Performance

Shares of NASDAQ ELBM traded up $0.03 during midday trading on Friday, hitting $0.92. 920,614 shares of the company’s stock were exchanged, compared to its average volume of 695,173. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.05 and a quick ratio of 0.05. Electra Battery Materials has a twelve month low of $0.77 and a twelve month high of $8.70. The firm’s fifty day simple moving average is $0.93 and its 200-day simple moving average is $1.17.

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

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.