Electrovaya Inc. (ELVA) – What Are Investment Firms Saying About This Stock?

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $17.50.

Several research analysts recently issued reports on ELVA shares. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research note on Thursday, July 16th. Oppenheimer dropped their price objective on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings cut shares of Electrovaya from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday. Wall Street Zen cut shares of Electrovaya from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a research note on Wednesday, July 15th.

Institutional Trading of Electrovaya

Hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its stake in shares of Electrovaya by 1,631.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,000 shares of the company’s stock worth $26,000 after buying an additional 3,769 shares during the last quarter. Squarepoint Ops LLC bought a new position in Electrovaya during the 2nd quarter valued at approximately $146,000. Lazard Asset Management LLC increased its position in Electrovaya by 188.9% during the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock valued at $1,951,000 after buying an additional 163,082 shares in the last quarter. Granahan Investment Management LLC raised its stake in Electrovaya by 2.7% during the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock valued at $1,566,000 after buying an additional 5,234 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Electrovaya by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock valued at $451,000 after buying an additional 8,983 shares during the last quarter. 22.47% of the stock is owned by institutional investors.

Electrovaya Price Performance

ELVA opened at $5.75 on Monday. The company has a current ratio of 7.53, a quick ratio of 5.72 and a debt-to-equity ratio of 0.60. The company has a market cap of $287.49 million, a price-to-earnings ratio of 52.28, a price-to-earnings-growth ratio of 0.45 and a beta of 1.64. The stock has a fifty day simple moving average of $6.99 and a two-hundred day simple moving average of $8.64. Electrovaya has a 12-month low of $4.10 and a 12-month high of $12.78.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Monday, August 10th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). The business had revenue of $17.71 million for the quarter, compared to the consensus estimate of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. Research analysts predict that Electrovaya will post 0.06 earnings per share for the current fiscal year.

About Electrovaya

Electrovaya Inc is a Canadian battery technology company that develops and manufactures lithium-ion batteries, battery systems and related energy-storage solutions. Its technologies are designed to provide high energy density, long cycle life and enhanced safety for applications that require reliable rechargeable power.

The company’s products serve markets including electric material-handling equipment, such as industrial forklifts, as well as electric mobility, transportation and stationary energy storage.