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

Electra Battery Materials Co. (NASDAQ:ELBM) was the target of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 53,500 shares, a decline of 15.5% from the February 28th total of 63,300 shares. Based on an average daily volume of 136,700 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.4% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

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

Institutional Trading of Electra Battery Materials

An institutional investor recently raised its position in Electra Battery Materials stock. Scotia Capital Inc. grew its holdings in Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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 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 Price Performance

Shares of NASDAQ:ELBM traded down $0.02 on Thursday, reaching $0.99. The company’s stock had a trading volume of 12,243 shares, compared to its average volume of 67,331. Electra Battery Materials has a 52-week low of $0.98 and a 52-week high of $2.83. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.07 and a current ratio of 0.07. The company has a 50-day simple moving average of $1.47 and a 200 day simple moving average of $1.82. The company has a market cap of $14.65 million, a P/E ratio of -0.28 and a beta of 2.46.

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

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.