Electrovaya (NASDAQ:ELVA) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Electrovaya (NASDAQ:ELVA) from a strong sell rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

Separately, Wall Street Zen lowered shares of Electrovaya from a “buy” rating to a “hold” rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Electrovaya presently has an average rating of “Buy” and a consensus price target of $6.13.

Electrovaya Stock Performance

Shares of ELVA opened at $5.90 on Thursday. The firm has a 50-day moving average price of $4.84 and a 200 day moving average price of $3.51. The firm has a market capitalization of $236.63 million, a PE ratio of 196.73 and a beta of 1.59. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91. Electrovaya has a 52-week low of $1.73 and a 52-week high of $6.70.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $17.13 million during the quarter, compared to the consensus estimate of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Institutional Trading of Electrovaya

Hedge funds have recently made changes to their positions in the stock. Citadel Advisors LLC purchased a new stake in shares of Electrovaya in the fourth quarter worth approximately $64,000. AMH Equity Ltd purchased a new stake in shares of Electrovaya in the first quarter worth approximately $231,000. Mink Brook Asset Management LLC lifted its position in shares of Electrovaya by 8.3% in the first quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company’s stock worth $874,000 after purchasing an additional 28,935 shares in the last quarter. WealthTrust Axiom LLC lifted its position in shares of Electrovaya by 133.9% in the first quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company’s stock worth $910,000 after purchasing an additional 225,629 shares in the last quarter. Finally, Penbrook Management LLC lifted its position in shares of Electrovaya by 69.1% in the second quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after purchasing an additional 125,896 shares in the last quarter. 22.47% of the stock is owned by hedge funds and other institutional investors.

About Electrovaya

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.