Electra Battery Materials (NASDAQ:ELBM) Stock Price Down 2.7% – Should You Sell?

Electra Battery Materials Corporation (NASDAQ:ELBM)’s stock price fell 2.7% on Tuesday . The company traded as low as $0.78 and last traded at $0.78. 695,785 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 881,568 shares. The stock had previously closed at $0.8016.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ELBM shares. HC Wainwright restated a “buy” rating and issued a $2.10 price objective on shares of Electra Battery Materials in a research report on Friday, November 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Electra Battery Materials in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.10.

Electra Battery Materials Stock Down 2.7%

The firm’s 50-day simple moving average is $0.91 and its 200 day simple moving average is $1.12. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.05 and a current ratio of 0.05. The company has a market cap of $78.02 million, a P/E ratio of -0.61 and a beta of 2.58.

Hedge Funds Weigh In On Electra Battery Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELBM. Jane Street Group LLC bought a new stake in shares of Electra Battery Materials in the 4th quarter valued at about $82,000. Aristides Capital LLC acquired a new position in Electra Battery Materials during the fourth quarter valued at approximately $116,000. XTX Topco Ltd bought a new stake in Electra Battery Materials in the fourth quarter valued at approximately $160,000. Cable Car Capital LP bought a new stake in Electra Battery Materials in the second quarter valued at approximately $223,000. Finally, Rathbones Group PLC raised its holdings in Electra Battery Materials by 33.3% in the third quarter. Rathbones Group PLC now owns 100,171 shares of the company’s stock worth $121,000 after purchasing an additional 25,000 shares during the period. Institutional investors own 32.90% of the company’s stock.

About Electra Battery Materials

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.