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

Electrovaya Inc. (NASDAQ:ELVA) has received an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $14.6250.

A number of analysts recently weighed in on the company. HC Wainwright increased their price objective on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 15th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a report on Wednesday. Roth Mkm restated a “buy” rating and issued a $20.00 price objective on shares of Electrovaya in a report on Friday, June 5th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th.

Institutional Trading of Electrovaya

Large investors have recently bought and sold shares of the business. Solstein Capital LLC acquired a new stake in Electrovaya during the 3rd quarter worth about $29,000. Allworth Financial LP grew its holdings in Electrovaya by 4,900.0% during the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,920 shares during the period. TD Waterhouse Canada Inc. grew its holdings in Electrovaya by 737.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after acquiring an additional 8,000 shares during the period. Dimensional Fund Advisors LP acquired a new stake in Electrovaya during the 3rd quarter worth about $74,000. Finally, NewEdge Advisors LLC acquired a new stake in Electrovaya during the 4th quarter worth about $79,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Stock Up 0.9%

Shares of NASDAQ:ELVA opened at $9.76 on Friday. The company has a market capitalization of $483.22 million, a PE ratio of 81.34, a price-to-earnings-growth ratio of 1.26 and a beta of 1.56. Electrovaya has a 52-week low of $3.11 and a 52-week high of $12.78. The company has a fifty day moving average of $10.24 and a 200-day moving average of $8.97. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66.

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

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.