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

Electrovaya Inc. (NASDAQ:ELVA) has been assigned an average rating of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $17.75.

ELVA has been the topic of several analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a report on Wednesday, June 24th. Roth Capital reiterated a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. HC Wainwright boosted their target price on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Huntleigh Advisors Inc. bought a new stake in shares of Electrovaya during the fourth quarter worth $1,182,000. Triasima Portfolio Management inc. acquired a new stake in shares of Electrovaya during the fourth quarter worth $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Electrovaya in the 4th quarter valued at $700,000. Thompson Siegel & Walmsley LLC bought a new stake in Electrovaya in the 4th quarter valued at $4,976,000. Finally, WealthTrust Axiom LLC boosted its stake in Electrovaya by 23.1% in the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock worth $3,996,000 after purchasing an additional 94,950 shares during the period. Institutional investors own 22.47% of the company’s stock.

Electrovaya Trading Down 4.9%

NASDAQ ELVA opened at $7.99 on Wednesday. Electrovaya has a 12 month low of $4.10 and a 12 month high of $12.78. The stock has a 50-day simple moving average of $9.96 and a 200 day simple moving average of $9.30. 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 company has a market capitalization of $395.58 million, a PE ratio of 66.59, a P/E/G ratio of 1.12 and a beta of 1.62.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The company had revenue of $18.05 million during the quarter, compared to analyst estimates of $17.74 million. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%. Research analysts forecast that Electrovaya will post 0.14 EPS for the current year.

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.