Penbrook Management LLC Sells 54,505 Shares of Electrovaya Inc. $ELVA

Penbrook Management LLC lowered its stake in Electrovaya Inc. (NASDAQ:ELVA) by 15.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 295,356 shares of the company’s stock after selling 54,505 shares during the quarter. Electrovaya makes up 1.7% of Penbrook Management LLC’s portfolio, making the stock its 14th biggest position. Penbrook Management LLC’s holdings in Electrovaya were worth $2,299,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. raised its stake in Electrovaya by 145.5% during the fourth quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company’s stock valued at $9,281,000 after buying an additional 696,320 shares during the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in Electrovaya in the fourth quarter worth $4,976,000. WealthTrust Axiom LLC grew its stake in shares of Electrovaya by 23.1% in the fourth quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock worth $3,996,000 after acquiring an additional 94,950 shares during the last quarter. Mink Brook Asset Management LLC grew its stake in shares of Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock worth $1,347,000 after acquiring an additional 16,713 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Electrovaya by 76,081.0% during the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock valued at $1,795,000 after acquiring an additional 304,324 shares in the last quarter. Institutional investors own 22.47% of the company’s stock.

Electrovaya Stock Up 1.3%

Electrovaya stock opened at $9.67 on Friday. The firm has a market cap of $478.76 million, a price-to-earnings ratio of 80.59, a PEG ratio of 1.24 and a beta of 1.56. The stock has a fifty day simple moving average of $10.24 and a two-hundred day simple moving average of $8.96. Electrovaya Inc. has a 12 month low of $3.11 and a 12 month high of $12.78. The company has a current ratio of 7.66, a quick ratio of 5.93 and a debt-to-equity ratio of 0.54.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $18.05 million for the quarter, compared to the consensus estimate of $17.74 million. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%. Equities analysts predict that Electrovaya Inc. will post 0.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ELVA. HC Wainwright lifted their price target on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Roth Mkm restated a “buy” rating and set a $20.00 price objective on shares of Electrovaya in a research note on Friday, June 5th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Electrovaya has a consensus rating of “Moderate Buy” and a consensus price target of $14.62.

Electrovaya Company Profile

Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company’s core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya’s product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.

In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.