Electrovaya (NASDAQ:ELVA) Sets New 1-Year High – Here’s What Happened

Electrovaya Inc. (NASDAQ:ELVA) shares reached a new 52-week high on Tuesday . The company traded as high as $11.79 and last traded at $11.37, with a volume of 126169 shares. The stock had previously closed at $11.23.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ELVA. Raymond James Financial reiterated a “strong-buy” rating and set a $9.50 target price on shares of Electrovaya in a research report on Thursday, December 11th. Zacks Research raised Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Oppenheimer initiated coverage on Electrovaya in a report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 target price for the company. Roth Mkm set a $7.00 target price on Electrovaya in a research report on Thursday, December 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.13.

Electrovaya Price Performance

The company has a current ratio of 4.16, a quick ratio of 2.93 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $553.03 million, a P/E ratio of 129.15 and a beta of 1.35. The company has a fifty day simple moving average of $7.82 and a two-hundred day simple moving average of $6.40.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings results on Wednesday, December 10th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The company had revenue of $20.51 million for the quarter, compared to the consensus estimate of $20.26 million. Electrovaya had a return on equity of 14.21% and a net margin of 5.27%. Sell-side analysts expect that Electrovaya Inc. will post 0.1 EPS for the current fiscal year.

Institutional Trading of Electrovaya

A number of hedge funds and other institutional investors have recently modified their holdings of ELVA. Caldwell Investment Management Ltd. acquired a new position in shares of Electrovaya during the 3rd quarter worth about $2,424,000. Bank of America Corp DE increased its position in Electrovaya by 76,081.0% during the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock worth $1,795,000 after buying an additional 304,324 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in Electrovaya during the third quarter worth approximately $1,677,000. Conestoga Capital Advisors LLC bought a new stake in Electrovaya in the fourth quarter valued at approximately $2,080,000. Finally, Triasima Portfolio Management inc. acquired a new stake in shares of Electrovaya in the fourth quarter valued at approximately $1,285,000. Institutional investors and hedge funds 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.