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Investing.com - H.C. Wainwright lowered its price target on Electra Battery Materials Corp. (NASDAQ:ELBM) to $2.10 from $2.20 on Tuesday, while maintaining a Buy rating on the stock. ELBM currently trades at $0.87, with InvestingPro data showing the stock has fallen 15.53% in the past week and 56.1% over the past year.
The firm noted that Electra reported a net loss of $4.7 million, or ($0.27) per share, during the third quarter of 2025, compared to a net loss of $2.9 million, or ($0.21) per share, in the same period of 2024. This continues a pattern of unprofitability, with InvestingPro data showing a basic EPS of -$1.24 over the last twelve months.
H.C. Wainwright emphasized that the most significant catalyst for Electra occurred after the quarter ended, when the company closed a $34.5 million financing and $40.0 million debt equitization on October 22, 2025, bringing total funds raised to $82.0 million.
The research firm indicated that with this funding, Electra should be fully funded to begin construction and commissioning of its cobalt sulfate refinery.
On October 29, 2025, Electra issued 2.7 million stock options to officers, employees and others at a price of C$1.97 per share, which H.C. Wainwright viewed as demonstrating the company’s confidence in the longer-term value of the cobalt sulfate refinery.
In other recent news, Electra Battery Materials Corporation has made significant progress on its cobalt sulfate refinery project in Temiskaming Shores, Ontario. The company resumed construction after securing approximately US$82 million in project financing, aiming to produce 6,500 tonnes of battery-grade cobalt annually by 2027. Electra issued a tender for the installation of various processing systems at the facility, which is described as North America’s first cobalt sulfate refinery. Additionally, Electra completed a $30 million private placement financing with strong participation from existing and new institutional investors, facilitated by Cantor Fitzgerald Canada Corporation and ECM Capital Advisors Ltd. The company also announced the appointment of Paolo Toscano as Vice President of Projects and Engineering, who will oversee the construction and commissioning of the refinery. In terms of analyst coverage, H.C. Wainwright reaffirmed its Buy rating for Electra Battery Materials, maintaining a $2.20 price target. This follows the company’s signing of a term sheet for C$17.5 million in proposed funding from Invest Ontario to support the refinery’s construction. These developments reflect Electra’s ongoing efforts to establish a key facility in the battery materials sector.
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