Electra Battery Materials Corporation (NASDAQ:ELBM) Sees Significant Increase in Short Interest

Electra Battery Materials Corporation (NASDAQ:ELBM) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 2,210,000 shares, an increase of 57.9% from the September 15th total of 1,400,000 shares. Approximately 12.5% of the shares of the company are sold short. Based on an average daily trading volume, of 1,250,000 shares, the short-interest ratio is presently 1.8 days. Based on an average daily trading volume, of 1,250,000 shares, the short-interest ratio is presently 1.8 days. Approximately 12.5% of the shares of the company are sold short.

Electra Battery Materials Trading Up 3.6%

NASDAQ:ELBM opened at $1.72 on Friday. Electra Battery Materials has a one year low of $0.77 and a one year high of $8.70. The business has a fifty day moving average price of $1.39 and a 200-day moving average price of $1.20. The firm has a market capitalization of $30.44 million, a price-to-earnings ratio of -1.40 and a beta of 2.53. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.05 and a quick ratio of 0.05.

Electra Battery Materials (NASDAQ:ELBM) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.11. Sell-side analysts forecast that Electra Battery Materials will post -1.72 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Electra Battery Materials in a report on Wednesday, October 8th. HC Wainwright restated a “buy” rating and set a $2.20 price target on shares of Electra Battery Materials in a research note on Thursday, September 25th. One equities research 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.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.20.

Institutional Investors Weigh In On Electra Battery Materials

An institutional investor recently raised its position in Electra Battery Materials stock. Rathbones Group PLC boosted its position in shares of Electra Battery Materials Corporation (NASDAQ:ELBM) by 113.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 75,171 shares of the company’s stock after acquiring an additional 40,000 shares during the period. Rathbones Group PLC owned 0.42% of Electra Battery Materials worth $81,000 at the end of the most recent quarter. Institutional investors and hedge funds own 32.90% of the company’s stock.

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.