Electra Battery Materials Co. (NASDAQ:ELBM) Sees Significant Decrease in Short Interest

Electra Battery Materials Co. (NASDAQ:ELBM) was the target of a significant decline in short interest in March. As of March 15th, there was short interest totalling 53,500 shares, a decline of 15.5% from the February 28th total of 63,300 shares. Based on an average daily volume of 136,700 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.4% of the company’s stock are short sold.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Electra Battery Materials stock. Scotia Capital Inc. increased its stake in shares of Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 66,766 shares of the company’s stock after purchasing an additional 23,290 shares during the period. Scotia Capital Inc. owned 0.45% of Electra Battery Materials worth $30,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 32.90% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and issued a $2.40 target price on shares of Electra Battery Materials in a research note on Tuesday, March 18th.

Electra Battery Materials Stock Performance

NASDAQ:ELBM traded down $0.02 during midday trading on Thursday, hitting $0.99. The company’s stock had a trading volume of 12,243 shares, compared to its average volume of 67,331. Electra Battery Materials has a fifty-two week low of $0.98 and a fifty-two week high of $2.83. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.07 and a quick ratio of 0.07. The firm has a market cap of $14.65 million, a P/E ratio of -0.28 and a beta of 2.46. The firm’s 50 day moving average is $1.47 and its 200-day moving average is $1.82.

Electra Battery Materials (NASDAQ:ELBM) last issued its quarterly earnings data on Friday, March 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($4.73) by $4.29. Equities analysts anticipate that Electra Battery Materials will post -1.72 earnings per share for the current fiscal year.

About Electra Battery Materials

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.