Electrovaya (NASDAQ:ELVA) Releases Earnings Results, Misses Expectations By $0.02 EPS

Electrovaya (NASDAQ:ELVA) posted its earnings results on Monday. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02), Zacks reports. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%.

Electrovaya Trading Down 4.4%

Shares of NASDAQ ELVA traded down $0.43 during midday trading on Monday, hitting $9.28. 694,033 shares of the company traded hands, compared to its average volume of 706,250. Electrovaya has a 12-month low of $4.10 and a 12-month high of $12.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66. The stock has a 50-day moving average price of $9.59 and a 200 day moving average price of $9.28. The firm has a market cap of $459.45 million, a P/E ratio of 77.34, a P/E/G ratio of 1.30 and a beta of 1.69.

Analyst Ratings Changes

A number of research analysts have commented on ELVA shares. HC Wainwright upped their price target on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Roth Capital reiterated a “buy” rating on shares of Electrovaya in a research report on Wednesday, July 15th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research note on Thursday, July 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Electrovaya presently has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC boosted its position in shares of 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. NewEdge Advisors LLC purchased a new position in Electrovaya during the fourth quarter valued at $79,000. Geode Capital Management LLC boosted its holdings in shares of Electrovaya by 76.5% during the 4th quarter. Geode Capital Management LLC now owns 25,962 shares of the company’s stock valued at $205,000 after buying an additional 11,253 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Electrovaya by 286.8% in the 4th quarter. Wells Fargo & Company MN now owns 15,510 shares of the company’s stock worth $123,000 after buying an additional 11,500 shares during the period. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Electrovaya in the 3rd quarter worth about $74,000. 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.