Electrovaya (NASDAQ:ELVA) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Electrovaya (NASDAQ:ELVA) issued its quarterly earnings results on Wednesday. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01, Zacks reports. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%.

Electrovaya Price Performance

Shares of NASDAQ:ELVA opened at $5.38 on Thursday. Electrovaya has a 52-week low of $1.80 and a 52-week high of $7.72. The company has a market capitalization of $255.60 million, a PE ratio of 179.39 and a beta of 1.66. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.88 and a current ratio of 4.03. The company has a fifty day moving average of $5.69 and a 200-day moving average of $4.97.

Hedge Funds Weigh In On Electrovaya

A number of institutional investors and hedge funds have recently bought and sold shares of ELVA. Wilmington Savings Fund Society FSB acquired a new position in shares of Electrovaya in the third quarter valued at approximately $118,000. Susquehanna International Group LLP bought a new stake in Electrovaya during the 3rd quarter worth approximately $97,000. Millennium Management LLC acquired a new position in Electrovaya in the 3rd quarter valued at approximately $95,000. Citadel Advisors LLC raised its stake in shares of Electrovaya by 90.6% during the third quarter. Citadel Advisors LLC now owns 85,254 shares of the company’s stock valued at $502,000 after acquiring an additional 40,534 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Electrovaya by 76,081.0% during the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock valued at $1,795,000 after acquiring an additional 304,324 shares during the last quarter. Institutional investors and hedge funds own 22.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ELVA. Weiss Ratings restated a “hold (c-)” rating on shares of Electrovaya in a research report on Monday. Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. Finally, Wall Street Zen downgraded Electrovaya from a “buy” rating to a “hold” rating in a research report on Sunday, September 28th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.50.

Electrovaya Company Profile

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.