HC Wainwright Has Positive Outlook of ELBM FY2024 Earnings

Electra Battery Materials Co. (NASDAQ:ELBM) – HC Wainwright raised their FY2024 earnings per share (EPS) estimates for Electra Battery Materials in a report issued on Tuesday, March 18th. HC Wainwright analyst H. Ihle now expects that the company will post earnings of ($1.61) per share for the year, up from their previous estimate of ($1.72). HC Wainwright currently has a “Buy” rating and a $2.40 price target on the stock. The consensus estimate for Electra Battery Materials’ current full-year earnings is ($1.72) per share. HC Wainwright also issued estimates for Electra Battery Materials’ FY2025 earnings at ($0.81) EPS.

Electra Battery Materials Stock Down 7.9 %

ELBM stock opened at $1.17 on Thursday. The company has a market capitalization of $17.32 million, a P/E ratio of -0.33 and a beta of 2.46. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.12. Electra Battery Materials has a twelve month low of $1.04 and a twelve month high of $2.83. The firm has a 50 day simple moving average of $1.55 and a 200-day simple moving average of $1.91.

Hedge Funds Weigh In On Electra Battery Materials

An institutional investor recently raised its position in Electra Battery Materials stock. Scotia Capital Inc. increased its stake in Electra Battery Materials Co. (NASDAQ:ELBM) by 53.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,766 shares of the company’s stock after purchasing an additional 23,290 shares during the period. Scotia Capital Inc. owned 0.45% of Electra Battery Materials worth $30,000 at the end of the most recent reporting period. Hedge funds and other institutional investors 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.