Electra Battery Materials’ (ELBM) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Electra Battery Materials (NASDAQ:ELBM) in a report issued on Tuesday morning,Benzinga reports. The firm currently has a $2.40 target price on the stock. HC Wainwright also issued estimates for Electra Battery Materials’ FY2024 earnings at ($1.61) EPS and FY2025 earnings at ($0.81) EPS.

Electra Battery Materials Stock Down 7.9 %

Shares of NASDAQ:ELBM opened at $1.17 on Tuesday. The company’s fifty day moving average is $1.55 and its 200-day moving average is $1.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.07 and a current ratio of 0.07. Electra Battery Materials has a 52 week low of $1.04 and a 52 week high of $2.83. The company has a market capitalization of $17.32 million, a PE ratio of -0.33 and a beta of 2.46.

Institutional Trading of Electra Battery Materials

An institutional investor recently raised its position in Electra Battery Materials stock. Scotia Capital Inc. lifted its holdings in Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,766 shares of the company’s stock after acquiring an additional 23,290 shares during the quarter. Scotia Capital Inc. owned approximately 0.45% of Electra Battery Materials worth $30,000 at the end of the most recent reporting period. Institutional investors own 32.90% of the company’s stock.

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.