Electra Battery Materials (NASDAQ:ELBM) Posts Earnings Results, Beats Estimates By $0.07 EPS

Electra Battery Materials (NASDAQ:ELBM) posted its quarterly earnings data on Thursday. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07, Zacks reports.

Electra Battery Materials Stock Performance

Electra Battery Materials stock traded up $0.00 during trading hours on Friday, hitting $0.59. The stock had a trading volume of 258,771 shares, compared to its average volume of 392,285. The company has a 50-day moving average of $0.56 and a two-hundred day moving average of $0.65. The company has a quick ratio of 0.75, a current ratio of 0.88 and a debt-to-equity ratio of 0.48. Electra Battery Materials has a fifty-two week low of $0.49 and a fifty-two week high of $8.70. The company has a market cap of $63.03 million, a PE ratio of -0.55 and a beta of 2.53.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ELBM shares. HC Wainwright reaffirmed a “buy” rating and issued a $2.00 price target on shares of Electra Battery Materials in a research report on Friday, May 22nd. Wall Street Zen raised Electra Battery Materials from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Raymond James Financial restated a “buy” rating on shares of Electra Battery Materials in a research note on Friday, May 22nd. Zacks Research upgraded shares of Electra Battery Materials to a “hold” rating in a research note on Thursday, May 21st. Finally, Weiss Ratings downgraded shares of Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 31st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.00.

Institutional Trading of Electra Battery Materials

Institutional investors and hedge funds have recently modified their holdings of the company. XTX Topco Ltd bought a new position in Electra Battery Materials in the fourth quarter worth $160,000. PEAK6 LLC bought a new stake in Electra Battery Materials in the 4th quarter valued at $840,000. Jane Street Group LLC acquired a new position in shares of Electra Battery Materials in the 4th quarter valued at $82,000. Aristides Capital LLC acquired a new position in shares of Electra Battery Materials in the 4th quarter valued at $116,000. Finally, Cable Car Capital LP bought a new position in shares of Electra Battery Materials during the 2nd quarter worth about $223,000. 32.90% of the stock is currently owned by institutional investors.

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.