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

Electra Battery Materials Co. (NASDAQ:ELBM) was the recipient of a large 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. Based on an average daily volume of 50,600 shares, the short-interest ratio is currently 1.3 days. Approximately 0.4% of the shares of the stock are sold short.

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 stake in shares of Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 66,766 shares of the company’s stock after buying an additional 23,290 shares during the quarter. Scotia Capital Inc. owned about 0.45% of Electra Battery Materials worth $30,000 at the end of the most recent reporting period. 32.90% of the stock is owned by institutional investors and hedge funds.

Electra Battery Materials Price Performance

NASDAQ:ELBM traded up $0.01 during trading hours on Friday, reaching $1.43. 28,061 shares of the company traded hands, compared to its average volume of 43,836. The firm’s 50-day moving average is $1.59 and its 200-day moving average is $1.95. The stock has a market cap of $21.17 million, a P/E ratio of -0.40 and a beta of 2.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.07 and a quick ratio of 0.07. Electra Battery Materials has a 1-year low of $1.04 and a 1-year high of $2.83.

Wall Street Analyst Weigh In

Separately, HC Wainwright dropped their price objective on Electra Battery Materials from $5.60 to $5.20 and set a “buy” rating for the company 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.