Electrovaya (NASDAQ:ELVA) Hits New 52-Week High – Should You Buy?

Electrovaya Inc. (NASDAQ:ELVA) hit a new 52-week high on Thursday . The company traded as high as $11.89 and last traded at $11.75, with a volume of 174313 shares. The stock had previously closed at $11.57.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Roth Mkm restated a “buy” rating and issued a $12.00 target price on shares of Electrovaya in a research note on Friday, May 15th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research note on Wednesday, March 18th. HC Wainwright boosted their target price on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research note on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.63.

Electrovaya Trading Up 1.6%

The company has a quick ratio of 5.93, a current ratio of 7.66 and a debt-to-equity ratio of 0.54. The firm has a 50 day moving average of $9.19 and a 200 day moving average of $8.13. The firm has a market cap of $581.84 million, a PE ratio of 97.91, a P/E/G ratio of 1.51 and a beta of 1.44.

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

Hedge Funds Weigh In On Electrovaya

Several institutional investors have recently bought and sold shares of the company. Hillsdale Investment Management Inc. purchased a new stake in shares of Electrovaya during the third quarter worth $1,677,000. Huntleigh Advisors Inc. purchased a new stake in shares of Electrovaya during the fourth quarter worth $1,182,000. Triasima Portfolio Management inc. purchased a new stake in shares of Electrovaya during the fourth quarter worth $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Electrovaya during the fourth quarter worth $700,000. Finally, Conestoga Capital Advisors LLC purchased a new stake in shares of Electrovaya during the fourth quarter worth $2,080,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

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.