HC Wainwright Reaffirms Buy Rating for Electra Battery Materials (NASDAQ:ELBM)

Electra Battery Materials (NASDAQ:ELBM)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $2.40 price target on the stock. HC Wainwright’s target price suggests a potential upside of 88.98% from the stock’s previous close.

Electra Battery Materials Price Performance

Shares of NASDAQ ELBM opened at $1.27 on Tuesday. Electra Battery Materials has a fifty-two week low of $1.04 and a fifty-two week high of $2.83. The business has a 50 day moving average price of $1.56 and a two-hundred day moving average price of $1.92. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.12. The firm has a market cap of $18.80 million, a PE ratio of -0.36 and a beta of 2.46.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Electra Battery Materials stock. Scotia Capital Inc. raised its holdings in shares of Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% during the 4th quarter, according to its most recent 13F 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 period. Scotia Capital Inc. owned approximately 0.45% of Electra Battery Materials worth $30,000 as of its most recent SEC filing. 32.90% of the stock is owned by hedge funds and other institutional investors.

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.