Electra Battery Materials (NASDAQ:ELBM) Stock Price Up 0.7% – Still a Buy?

Electra Battery Materials Corporation (NASDAQ:ELBM)’s share price rose 0.7% on Tuesday . The company traded as high as $0.5402 and last traded at $0.5308. 226,383 shares were traded during trading, a decline of 39% from the average session volume of 371,003 shares. The stock had previously closed at $0.5270.

Analyst Ratings Changes

Several research firms have commented on ELBM. Raymond James Financial reissued a “buy” rating on shares of Electra Battery Materials in a research report on Friday, May 22nd. Weiss Ratings downgraded shares of Electra Battery Materials from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, September 4th. HC Wainwright reissued a “buy” rating and set a $2.00 target price (down from $2.10) on shares of Electra Battery Materials in a research report on Friday, August 21st. Finally, Zacks Research raised shares of Electra Battery Materials to a “hold” rating in a report on Thursday, May 21st. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Electra Battery Materials has an average rating of “Hold” and a consensus price target of $2.00.

Electra Battery Materials Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $58.85 million, a PE ratio of -0.51 and a beta of 2.55. The company has a 50 day moving average price of $0.57 and a 200 day moving average price of $0.60.

Institutional Investors Weigh In On Electra Battery Materials

Hedge funds and other institutional investors have recently modified their holdings of the stock. PEAK6 LLC acquired a new stake in shares of Electra Battery Materials in the 2nd quarter valued at about $754,000. Rathbones Group PLC increased its holdings in Electra Battery Materials by 149.7% in the first quarter. Rathbones Group PLC now owns 250,171 shares of the company’s stock valued at $145,000 after buying an additional 150,000 shares during the last quarter. Aristides Capital LLC acquired a new stake in Electra Battery Materials during the fourth quarter valued at approximately $116,000. Finally, Ground Swell Capital LLC acquired a new stake in Electra Battery Materials during the first quarter valued at approximately $27,000. Institutional investors own 32.90% of the company’s stock.

About Electra Battery Materials

Electra Battery Materials Corp. is a Canadian battery-materials company focused on producing and recycling materials used in lithium-ion batteries. Its principal project is a proposed battery-grade cobalt sulfate refinery in Ontario, designed to supply North American battery and electric-vehicle manufacturers with a locally produced source of cobalt chemicals.

The company has also pursued a battery-recycling business intended to process spent lithium-ion batteries and manufacturing scrap into intermediate materials, including black mass, for recovery of valuable metals.