Electra Battery Materials Co. (NASDAQ:ELBM) Sees Significant Increase in Short Interest

Electra Battery Materials Co. (NASDAQ:ELBM) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 249,300 shares, an increase of 366.0% from the March 15th total of 53,500 shares. Currently, 1.7% of the company’s stock are short sold. Based on an average daily volume of 123,900 shares, the short-interest ratio is presently 2.0 days.

Electra Battery Materials Stock Down 0.5 %

ELBM stock traded down $0.01 during mid-day trading on Monday, reaching $1.08. The company had a trading volume of 369,697 shares, compared to its average volume of 70,925. 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 50 day simple moving average of $1.39 and a two-hundred day simple moving average of $1.73. Electra Battery Materials has a 52 week low of $0.91 and a 52 week high of $2.83. The company has a market capitalization of $15.95 million, a price-to-earnings ratio of -0.30 and a beta of 2.57.

Electra Battery Materials (NASDAQ:ELBM) last issued its earnings results on Friday, March 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($4.73) by $4.29. As a group, equities analysts predict that Electra Battery Materials will post -1.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Electra Battery Materials stock. Scotia Capital Inc. grew its stake in Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,766 shares of the company’s stock after purchasing an additional 23,290 shares during the quarter. 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 currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and issued a $2.40 price target on shares of Electra Battery Materials in a research note on Tuesday, March 18th.

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.