Electra Battery Materials (NASDAQ:ELBM) Trading Down 2.5% – Here’s What Happened

Shares of Electra Battery Materials Co. (NASDAQ:ELBM) dropped 2.5% on Wednesday . The stock traded as low as $0.39 and last traded at $0.40. Approximately 100,276 shares were traded during trading, a decline of 44% from the average daily volume of 178,489 shares. The stock had previously closed at $0.41.

Wall Street Analyst Weigh In

Separately, HC Wainwright cut their price objective on shares of Electra Battery Materials from $1.40 to $1.30 and set a “buy” rating for the company in a research report on Wednesday, November 27th.

Electra Battery Materials Trading Down 2.0 %

The firm has a market cap of $20.99 million, a price-to-earnings ratio of -0.42 and a beta of 2.61. 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 moving average price of $0.50 and a 200 day moving average price of $0.49.

Institutional Investors Weigh In On Electra Battery Materials

An institutional investor recently bought a new position in Electra Battery Materials stock. Rathbones Group PLC bought a new stake in Electra Battery Materials Co. (NASDAQ:ELBM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 100,687 shares of the company’s stock, valued at approximately $44,000. Rathbones Group PLC owned 0.18% of Electra Battery Materials 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.