Electra Battery Materials Corporation (NASDAQ:ELBM) Short Interest Up 62.4% in October

Electra Battery Materials Corporation (NASDAQ:ELBM) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totaling 3,590,000 shares, an increase of 62.4% from the September 30th total of 2,210,000 shares. Based on an average daily trading volume, of 7,480,000 shares, the short-interest ratio is currently 0.5 days. Approximately 20.3% of the shares of the company are sold short. Approximately 20.3% of the shares of the company are sold short. Based on an average daily trading volume, of 7,480,000 shares, the short-interest ratio is currently 0.5 days.

Electra Battery Materials Stock Down 18.8%

Electra Battery Materials stock opened at $1.04 on Tuesday. The stock has a market capitalization of $18.68 million, a PE ratio of -0.85 and a beta of 2.53. Electra Battery Materials has a 12 month low of $0.77 and a 12 month high of $8.70. The business has a 50 day simple moving average of $1.44 and a 200-day simple moving average of $1.22. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.05 and a quick ratio of 0.05.

Electra Battery Materials (NASDAQ:ELBM) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.11. On average, analysts anticipate that Electra Battery Materials will post -1.72 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ELBM shares. HC Wainwright reaffirmed a “buy” rating and set a $2.20 price objective on shares of Electra Battery Materials in a report on Thursday, September 25th. Wall Street Zen upgraded Electra Battery Materials to a “sell” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Electra Battery Materials in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.20.

Hedge Funds Weigh In On Electra Battery Materials

An institutional investor recently raised its position in Electra Battery Materials stock. Rathbones Group PLC boosted its stake in shares of Electra Battery Materials Corporation (NASDAQ:ELBM) by 113.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,171 shares of the company’s stock after purchasing an additional 40,000 shares during the quarter. Rathbones Group PLC owned approximately 0.42% of Electra Battery Materials worth $81,000 as of its most recent SEC filing. 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.