Electra Battery Materials (NASDAQ:ELBM) Price Target Cut to $2.20 by Analysts at HC Wainwright

Electra Battery Materials (NASDAQ:ELBM) had its target price trimmed by HC Wainwright from $2.40 to $2.20 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Electra Battery Materials Price Performance

Shares of NASDAQ ELBM opened at $1.08 on Tuesday. The firm has a market cap of $19.40 million, a P/E ratio of -0.73 and a beta of 2.44. Electra Battery Materials has a twelve month low of $0.91 and a twelve month high of $2.83. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average of $1.06 and a 200 day moving average of $1.36.

Electra Battery Materials (NASDAQ:ELBM) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.50). As a group, research analysts expect that Electra Battery Materials will post -1.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Electra Battery Materials

An institutional investor recently raised its position in Electra Battery Materials stock. Scotia Capital Inc. raised its holdings in shares of Electra Battery Materials Corporation (NASDAQ:ELBM) by 53.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,766 shares of the company’s stock after buying an additional 23,290 shares during the period. Scotia Capital Inc. owned about 0.45% of Electra Battery Materials worth $30,000 at the end of the most recent quarter. Institutional investors and hedge funds own 32.90% of the company’s stock.

Electra Battery Materials Company Profile

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.