Electrovaya Inc. (NASDAQ:ELVA) Stock Has Average Price Target of $17.50 According to Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been assigned an average rating of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $17.50.

A number of brokerages recently commented on ELVA. Roth Capital restated a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Electrovaya from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. Oppenheimer reduced their price target on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Finally, Wall Street Zen lowered shares of Electrovaya from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th.

Electrovaya Stock Down 8.9%

Shares of ELVA opened at $4.63 on Friday. The stock has a 50 day moving average price of $6.02 and a 200 day moving average price of $8.34. The stock has a market capitalization of $231.50 million, a price-to-earnings ratio of 42.09, a PEG ratio of 0.78 and a beta of 1.73. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.72 and a current ratio of 7.53. Electrovaya has a one year low of $4.10 and a one year high of $12.78.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.02). The company had revenue of $17.71 million during the quarter, compared to analyst estimates of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. Equities research analysts forecast that Electrovaya will post 0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

A number of large investors have recently modified their holdings of ELVA. Farther Finance Advisors LLC lifted its position in Electrovaya by 1,631.6% in the third quarter. Farther Finance Advisors LLC now owns 4,000 shares of the company’s stock valued at $26,000 after purchasing an additional 3,769 shares during the period. Squarepoint Ops LLC purchased a new stake in Electrovaya in the 2nd quarter valued at approximately $146,000. Gagnon Securities LLC increased its position in Electrovaya by 24.8% during the 3rd quarter. Gagnon Securities LLC now owns 32,830 shares of the company’s stock worth $214,000 after purchasing an additional 6,523 shares during the period. Dimensional Fund Advisors LP increased its position in Electrovaya by 18.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock worth $451,000 after purchasing an additional 8,983 shares during the period. Finally, Penn Capital Management Company LLC raised its stake in shares of Electrovaya by 21.7% during the 3rd quarter. Penn Capital Management Company LLC now owns 73,554 shares of the company’s stock worth $480,000 after buying an additional 13,131 shares in the last quarter. 22.47% of the stock is owned by hedge funds and other institutional investors.

About Electrovaya

Electrovaya Inc is a Canadian battery technology and manufacturing company that develops lithium-ion batteries, battery systems and related energy-storage solutions. Its products are designed for applications requiring high energy density, long operating life and enhanced safety.

The company serves industrial and transportation markets, including electric material-handling equipment such as forklifts, as well as electric buses, trucks, trains and other commercial vehicles. Electrovaya also develops battery systems for stationary energy storage and other specialized applications.

Founded in 1996, Electrovaya is headquartered in Mississauga, Ontario, and serves customers in North America and international markets.