Electrovaya (NASDAQ:ELVA) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Electrovaya (NASDAQ:ELVA) from a hold rating to a sell rating in a report released on Saturday.

Several other equities analysts have also recently weighed in on ELVA. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. HC Wainwright boosted their target price on shares of Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Finally, Oppenheimer decreased their price target on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Electrovaya has an average rating of “Moderate Buy” and an average price target of $17.50.

Electrovaya Stock Up 4.7%

Electrovaya stock opened at $7.95 on Friday. Electrovaya has a one year low of $4.10 and a one year high of $12.78. The stock has a fifty day moving average of $9.26 and a 200 day moving average of $9.19. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.93 and a current ratio of 7.53. The stock has a market cap of $393.60 million, a PE ratio of 72.28, a price-to-earnings-growth ratio of 1.62 and a beta of 1.69.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Monday, August 10th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). The firm had revenue of $17.71 million during the quarter, compared to analysts’ expectations of $21.44 million. Electrovaya had a return on equity of 7.96% and a net margin of 6.14%. As a group, sell-side analysts predict that Electrovaya will post 0.08 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP lifted its position in shares of Electrovaya by 4,900.0% during the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after buying an additional 3,920 shares in the last quarter. Granahan Investment Management LLC raised its stake in Electrovaya by 2.7% during the 1st quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock worth $1,566,000 after acquiring an additional 5,234 shares during the period. TD Waterhouse Canada Inc. raised its stake in Electrovaya by 737.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after acquiring an additional 8,000 shares during the period. Lazard Asset Management LLC lifted its holdings in Electrovaya by 10.3% during the fourth quarter. Lazard Asset Management LLC now owns 86,347 shares of the company’s stock valued at $682,000 after purchasing an additional 8,090 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Electrovaya by 18.4% in the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock worth $451,000 after purchasing an additional 8,983 shares during the period. Institutional investors own 22.47% of the company’s stock.

About Electrovaya

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.