Electra Battery Materials Corporation (NASDAQ:ELBM) Stock Short Interest Rises 70.8%

by · The Markets Daily

Electra Battery Materials Corporation (NASDAQ:ELBM – Get Free Report) saw a large increase in short interest in October. As of October 15th, there was short interest totaling 1,861,609 shares, an increase of 70.8% from the September 30th total of 1,089,856 shares. Approximately 2.2% of the shares of the stock are sold short. Based on an average daily volume of 405,727 shares, the days-to-cover ratio is currently 4.6 days.

Electra Battery Materials Stock Performance

Shares of NASDAQ:ELBM opened at $0.43 on Wednesday. Electra Battery Materials has a 1 year low of $0.37 and a 1 year high of $1.25. The stock has a market capitalization of $45.54 million, a price-to-earnings ratio of -0.39 and a beta of 2.58. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.88 and a quick ratio of 0.88. The company’s 50 day simple moving average is $0.51 and its 200 day simple moving average is $0.63.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ELBM shares. HC Wainwright restated a “buy” rating and issued a $2.00 price target (down from $2.10) on shares of Electra Battery Materials in a research report on Friday, August 21st. Weiss Ratings cut shares of Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, October 12th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Electra Battery Materials currently has an average rating of “Hold” and an average price target of $2.00.

Get Our Latest Stock Analysis on Electra Battery Materials

Hedge Funds Weigh In On Electra Battery Materials

An institutional investor recently bought a new stake in Electra Battery Materials stock. PEAK6 LLC purchased a new position in shares of Electra Battery Materials Corporation (NASDAQ:ELBM – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,249,080 shares of the company’s stock, valued at approximately $754,000. PEAK6 LLC owned approximately 1.17% of Electra Battery Materials as of its most recent filing with the SEC. Institutional investors own 32.90% of the company’s stock.

Electra Battery Materials Company Profile

(Get Free Report)

Electra Battery Materials Corp. is a Canadian battery materials company focused on producing battery-grade cobalt and other materials used in lithium-ion batteries. The company is developing a hydrometallurgical cobalt refinery in Ontario, Canada, designed to process cobalt-bearing feedstock into cobalt sulfate for use in electric vehicle and energy-storage battery supply chains.

The company’s activities also include battery recycling and the recovery of critical minerals from battery materials, including black mass generated from recycled lithium-ion batteries.

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