Electra Battery Materials Co. (NASDAQ:ELBM) Sees Large Decrease in Short Interest

Electra Battery Materials Co. (NASDAQ:ELBM) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totalling 124,100 shares, a decline of 5.1% from the November 30th total of 130,800 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 62,100 shares, the short-interest ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reduced their price objective on shares of Electra Battery Materials from $1.40 to $1.30 and set a “buy” rating on the stock in a research report on Wednesday, November 27th.

Electra Battery Materials Stock Up 15.9 %

Shares of ELBM opened at $0.56 on Tuesday. The business’s 50 day simple moving average is $0.48 and its 200-day simple moving average is $0.49. Electra Battery Materials has a 1 year low of $0.26 and a 1 year high of $0.75. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.07 and a quick ratio of 0.07. The stock has a market capitalization of $31.06 million, a price-to-earnings ratio of -0.62 and a beta of 2.61.

Electra Battery Materials’s stock is set to reverse split on Thursday, January 2nd. The 1-4 reverse split was announced on Monday, December 30th. The number of shares owned by shareholders will be adjusted after the market closes on Tuesday, December 31st.

Institutional Trading of Electra Battery Materials

A hedge fund recently bought a new stake in Electra Battery Materials stock. Rathbones Group PLC acquired a new position in shares of Electra Battery Materials Co. (NASDAQ:ELBM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 100,687 shares of the company’s stock, valued at approximately $44,000. Rathbones Group PLC owned about 0.18% of Electra Battery Materials at the end of the most recent reporting period. 32.90% of the stock is currently owned by institutional investors and hedge funds.

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.