Electra Battery Materials Co. (NASDAQ:ELBM) Sees Large Growth in Short Interest

Electra Battery Materials Co. (NASDAQ:ELBM) was the recipient 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. Based on an average daily trading volume, of 123,900 shares, the days-to-cover ratio is presently 2.0 days. Approximately 1.7% of the company’s shares are short sold.

Electra Battery Materials Trading Up 4.1 %

NASDAQ:ELBM traded up $0.04 on Tuesday, hitting $1.11. The stock had a trading volume of 334,533 shares, compared to its average volume of 72,000. The company has a fifty day moving average price of $1.38 and a two-hundred day moving average price of $1.72. 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 stock has a market cap of $16.53 million, a price-to-earnings ratio of -0.31 and a beta of 2.57. Electra Battery Materials has a 1-year low of $0.91 and a 1-year high of $2.83.

Electra Battery Materials (NASDAQ:ELBM) last released its quarterly earnings results on Friday, March 28th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($4.73) by $4.29. Equities research analysts expect that Electra Battery Materials will post -1.72 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Electra Battery Materials

A hedge fund recently raised its stake in Electra Battery Materials stock. Scotia Capital Inc. raised its position in Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 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.

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.