Short Interest in Electra Battery Materials Co. (NASDAQ:ELBM) Rises By 174.0%

Electra Battery Materials Co. (NASDAQ:ELBM) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 63,300 shares, a growth of 174.0% from the February 13th total of 23,100 shares. Approximately 0.4% of the company’s stock are short sold. Based on an average daily volume of 50,600 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Ratings Changes

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

Electra Battery Materials Stock Down 1.6 %

Shares of ELBM traded down $0.02 during mid-day trading on Thursday, hitting $1.46. 1,552 shares of the company traded hands, compared to its average volume of 43,696. Electra Battery Materials has a 1-year low of $1.04 and a 1-year high of $2.83. 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 company has a market capitalization of $21.55 million, a PE ratio of -0.42 and a beta of 2.46. The business has a 50 day moving average of $1.60 and a 200 day moving average of $1.96.

Hedge Funds Weigh In On Electra Battery Materials

A hedge fund recently raised its stake in Electra Battery Materials stock. Scotia Capital Inc. grew its stake in shares of Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,766 shares of the company’s stock after acquiring an additional 23,290 shares during the quarter. Scotia Capital Inc. owned about 0.45% of Electra Battery Materials worth $30,000 as of its most recent SEC filing. Institutional investors and hedge funds 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.