Electrovaya Inc. (NASDAQ:ELVA) Given Average Rating of “Moderate Buy” by Analysts

Electrovaya Inc. (NASDAQ:ELVA) has been assigned an average rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $14.6250.

Several equities analysts recently commented on the company. HC Wainwright increased their target price on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a report on Friday, March 27th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th. Finally, Roth Mkm reissued a “buy” rating and issued a $20.00 target price on shares of Electrovaya in a report on Friday.

Electrovaya Stock Down 6.9%

Electrovaya stock opened at $10.34 on Tuesday. Electrovaya has a twelve month low of $3.07 and a twelve month high of $12.78. The stock’s fifty day simple moving average is $9.71 and its 200-day simple moving average is $8.42. The company has a current ratio of 7.66, a quick ratio of 5.93 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $511.93 million, a P/E ratio of 86.17, a P/E/G ratio of 1.34 and a beta of 1.56.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%.The business had revenue of $18.05 million for the quarter, compared to analyst estimates of $17.74 million. As a group, equities analysts expect that Electrovaya will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

Large investors have recently bought and sold shares of the business. Hillsdale Investment Management Inc. acquired a new position in Electrovaya in the third quarter valued at $1,677,000. Huntleigh Advisors Inc. acquired a new stake in shares of Electrovaya during the fourth quarter worth about $1,182,000. Triasima Portfolio Management inc. acquired a new stake in shares of Electrovaya during the fourth quarter worth about $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Electrovaya during the fourth quarter worth about $700,000. Finally, Conestoga Capital Advisors LLC acquired a new stake in Electrovaya in the fourth quarter valued at about $2,080,000. Hedge funds and other 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.