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

Zacks Research upgraded shares of Electra Battery Materials (NASDAQ:ELBM) to a hold rating in a research note released on Thursday,Zacks.com reports.

Several other research analysts have also issued reports on the company. HC Wainwright restated a “buy” rating and issued a $2.00 price target on shares of Electra Battery Materials in a research report on Friday. Raymond James Financial reissued a “buy” rating on shares of Electra Battery Materials in a research note on Friday. Finally, Wall Street Zen upgraded Electra Battery Materials from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.00.

Electra Battery Materials Trading Up 0.5%

ELBM opened at $0.61 on Thursday. The firm has a 50 day simple moving average of $0.61 and a 200 day simple moving average of $0.80. Electra Battery Materials has a fifty-two week low of $0.50 and a fifty-two week high of $8.70. The company has a market cap of $64.56 million, a price-to-earnings ratio of -0.53 and a beta of 2.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.75.

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

Institutional Investors Weigh In On Electra Battery Materials

Several institutional investors have recently added to or reduced their stakes in the stock. PEAK6 LLC acquired a new position in Electra Battery Materials in the 4th quarter worth $840,000. U S Global Investors Inc. bought a new position in shares of Electra Battery Materials during the fourth quarter worth about $202,000. Cable Car Capital LP acquired a new stake in Electra Battery Materials in the 2nd quarter valued at approximately $223,000. XTX Topco Ltd bought a new stake in Electra Battery Materials in the 4th quarter valued at approximately $160,000. Finally, Aristides Capital LLC acquired a new position in Electra Battery Materials during the 4th quarter worth approximately $116,000. 32.90% of the stock is owned by institutional investors.

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.