Electra Battery Materials (NASDAQ:ELBM) Upgraded to Hold at Zacks Research

Electra Battery Materials (NASDAQ:ELBM) was upgraded by equities researchers at Zacks Research to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

A number of other research analysts also recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $2.00 price target on shares of Electra Battery Materials in a report on Friday. Wall Street Zen upgraded shares of Electra Battery Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Raymond James Financial restated a “buy” rating on shares of Electra Battery Materials in a report on Friday. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Electra Battery Materials has an average rating of “Hold” and an average target price of $2.00.

Electra Battery Materials Trading Up 0.5%

Shares of NASDAQ:ELBM opened at $0.61 on Thursday. The firm has a fifty day moving average of $0.61 and a two-hundred day moving average of $0.80. The firm has a market capitalization of $64.56 million, a P/E ratio of -0.53 and a beta of 2.51. Electra Battery Materials has a 12-month low of $0.50 and a 12-month high of $8.70. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.54.

Electra Battery Materials (NASDAQ:ELBM) last issued its earnings results on Thursday, May 14th. The company reported $0.12 earnings per share (EPS) for the quarter. On average, equities analysts expect that Electra Battery Materials will post 0.14 EPS for the current fiscal year.

Institutional Trading of Electra Battery Materials

Institutional investors have recently made changes to their positions in the business. Ground Swell Capital LLC acquired a new stake in shares of Electra Battery Materials during the 1st quarter valued at about $27,000. Rathbones Group PLC boosted its position in shares of Electra Battery Materials by 33.3% during the 3rd quarter. Rathbones Group PLC now owns 100,171 shares of the company’s stock valued at $121,000 after acquiring an additional 25,000 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Electra Battery Materials during the 4th quarter valued at about $82,000. Aristides Capital LLC acquired a new stake in shares of Electra Battery Materials during the 4th quarter valued at about $116,000. Finally, XTX Topco Ltd acquired a new stake in shares of Electra Battery Materials during the 4th quarter valued at about $160,000. 32.90% of the stock is currently owned by institutional investors and hedge funds.

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.