Electra Battery Materials (NASDAQ:ELBM) Shares Down 29% – Here’s What Happened

Electra Battery Materials Corporation (NASDAQ:ELBM) dropped 29% during mid-day trading on Thursday . The stock traded as low as $1.60 and last traded at $1.64. Approximately 26,686,247 shares traded hands during mid-day trading, an increase of 75% from the average daily volume of 15,221,973 shares. The stock had previously closed at $2.31.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ELBM shares. HC Wainwright reiterated a “buy” rating and set a $2.20 price objective on shares of Electra Battery Materials in a research report on Thursday, September 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Electra Battery Materials in a research report on Wednesday, October 8th. One 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, the stock presently has an average rating of “Hold” and an average target price of $2.20.

Electra Battery Materials Stock Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 0.05 and a quick ratio of 0.05. The company has a market capitalization of $29.01 million, a price-to-earnings ratio of -1.33 and a beta of 2.53. The company’s 50-day moving average price is $1.33 and its two-hundred day moving average price is $1.17.

Electra Battery Materials (NASDAQ:ELBM) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.11. On average, equities research analysts anticipate that Electra Battery Materials Corporation will post -1.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Electra Battery Materials

A hedge fund recently raised its stake in Electra Battery Materials stock. Rathbones Group PLC boosted its stake in Electra Battery Materials Corporation (NASDAQ:ELBM) by 113.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 75,171 shares of the company’s stock after purchasing an additional 40,000 shares during the quarter. Rathbones Group PLC owned about 0.42% of Electra Battery Materials worth $81,000 as of its most recent SEC filing. 32.90% of the stock is owned by institutional investors and hedge funds.

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.