Electrovaya Inc. $ELVA Shares Sold by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. trimmed its holdings in shares of Electrovaya Inc. (NASDAQ:ELVA) by 71.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 478,480 shares of the company’s stock after selling 1,198,829 shares during the period. Polar Asset Management Partners Inc.’s holdings in Electrovaya were worth $2,818,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ELVA. Solstein Capital LLC bought a new position in shares of Electrovaya in the third quarter valued at $29,000. Global Retirement Partners LLC bought a new stake in shares of Electrovaya during the 3rd quarter worth $46,000. Dimensional Fund Advisors LP bought a new stake in shares of Electrovaya during the 3rd quarter worth $74,000. Millennium Management LLC acquired a new position in shares of Electrovaya in the 3rd quarter worth $95,000. Finally, Virtu Financial LLC acquired a new position in shares of Electrovaya in the 3rd quarter worth $96,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

Analyst Upgrades and Downgrades

ELVA has been the topic of a number of recent analyst reports. Oppenheimer began coverage on Electrovaya in a report on Thursday, December 18th. They set an “outperform” rating and a $14.00 target price for the company. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research note on Wednesday. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Electrovaya in a report on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Electrovaya has a consensus rating of “Moderate Buy” and a consensus price target of $11.17.

Electrovaya Price Performance

ELVA opened at $7.65 on Friday. The firm has a market capitalization of $366.89 million, a P/E ratio of 63.76, a PEG ratio of 0.95 and a beta of 1.56. The stock has a fifty day moving average of $8.86 and a 200-day moving average of $7.16. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48. Electrovaya Inc. has a 12-month low of $2.25 and a 12-month high of $11.88.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $15.50 million for the quarter, compared to the consensus estimate of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. Equities analysts forecast that Electrovaya Inc. will post 0.1 EPS for the current fiscal year.

Electrovaya 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.