Electra Battery Materials (NASDAQ:ELBM) Given Buy Rating at HC Wainwright

Electra Battery Materials (NASDAQ:ELBM)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $2.40 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 88.98% from the stock’s previous close.

Electra Battery Materials Stock Performance

Shares of ELBM stock opened at $1.27 on Tuesday. Electra Battery Materials has a 1-year low of $1.04 and a 1-year high of $2.83. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $18.80 million, a price-to-earnings ratio of -0.36 and a beta of 2.46. The stock’s fifty day simple moving average is $1.56 and its 200-day simple moving average is $1.92.

Institutional Inflows and Outflows

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 its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,766 shares of the company’s stock after purchasing an additional 23,290 shares during the quarter. Scotia Capital Inc. owned approximately 0.45% of Electra Battery Materials worth $30,000 at the end of the most recent quarter. 32.90% of the stock is currently owned by institutional investors and hedge funds.

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.