Electra Battery Materials Corporation (NASDAQ:ELBM) Sees Large Growth in Short Interest

Electra Battery Materials Corporation (NASDAQ:ELBM) was the target of a large increase in short interest in October. As of October 15th, there was short interest totaling 3,590,000 shares, an increase of 62.4% from the September 30th total of 2,210,000 shares. Currently, 20.3% of the company’s stock are short sold. Based on an average daily volume of 7,480,000 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily volume of 7,480,000 shares, the days-to-cover ratio is presently 0.5 days. Currently, 20.3% of the company’s stock are short sold.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Electra Battery Materials in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Electra Battery Materials to a “sell” rating in a research note on Saturday, October 25th. Finally, HC Wainwright restated a “buy” rating and set a $2.20 price objective on shares of Electra Battery Materials in a research note on Thursday, September 25th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price 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 increased its holdings in Electra Battery Materials Corporation (NASDAQ:ELBM) by 113.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 75,171 shares of the company’s stock after purchasing an additional 40,000 shares during the period. Rathbones Group PLC owned approximately 0.42% of Electra Battery Materials worth $81,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 32.90% of the company’s stock.

Electra Battery Materials Stock Performance

ELBM opened at $1.28 on Friday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.12. The company has a market cap of $22.99 million, a price-to-earnings ratio of -1.04 and a beta of 2.53. The company’s 50 day moving average is $1.44 and its 200 day moving average is $1.22. Electra Battery Materials has a 12-month low of $0.77 and a 12-month high of $8.70.

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

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.