Short Interest in Electra Battery Materials Co. (NASDAQ:ELBM) Drops By 5.1%

Electra Battery Materials Co. (NASDAQ:ELBM) saw a large decrease in short interest during the month of December. As of December 15th, there was short interest totalling 124,100 shares, a decrease of 5.1% from the November 30th total of 130,800 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily volume of 62,100 shares, the days-to-cover ratio is currently 2.0 days.

Electra Battery Materials Stock Down 16.6 %

Shares of ELBM stock traded down $0.09 during mid-day trading on Wednesday, hitting $0.46. The company’s stock had a trading volume of 711,092 shares, compared to its average volume of 194,835. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.07 and a current ratio of 0.07. Electra Battery Materials has a 52-week low of $0.26 and a 52-week high of $0.75. The stock has a market cap of $25.89 million, a price-to-earnings ratio of -0.52 and a beta of 2.61. The business has a 50-day moving average price of $1.93 and a 200 day moving average price of $1.98.

Shares of Electra Battery Materials are scheduled to reverse split on Thursday, January 2nd. The 1-4 reverse split was announced on Monday, December 30th. The number of shares owned by shareholders will be adjusted after the market closes on Tuesday, December 31st.

Institutional Trading of Electra Battery Materials

A hedge fund recently bought a new stake in Electra Battery Materials stock. Rathbones Group PLC acquired a new stake in shares of Electra Battery Materials Co. (NASDAQ:ELBM) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 100,687 shares of the company’s stock, valued at approximately $44,000. Rathbones Group PLC owned approximately 0.18% of Electra Battery Materials as of its most recent SEC filing. Institutional investors and hedge funds own 32.90% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright dropped their target price on shares of Electra Battery Materials from $5.60 to $5.20 and set a “buy” rating on the stock in a research note on Wednesday, November 27th.

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.