284,700 Shares in Electrovaya Inc. $ELVA Acquired by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. purchased a new stake in Electrovaya Inc. (NASDAQ:ELVA) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 284,700 shares of the company’s stock, valued at approximately $1,677,000. Hillsdale Investment Management Inc. owned 0.68% of Electrovaya as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new stake in Electrovaya during the third quarter worth approximately $46,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Electrovaya during the 3rd quarter valued at $118,000. Calamos Advisors LLC purchased a new stake in Electrovaya during the 3rd quarter worth $419,000. Cibc World Market Inc. acquired a new stake in Electrovaya in the 3rd quarter valued at $449,000. Finally, AMH Equity Ltd increased its holdings in Electrovaya by 100.0% in the 2nd quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock valued at $682,000 after purchasing an additional 100,000 shares in the last quarter. 22.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ELVA has been the topic of a number of recent research reports. Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Electrovaya in a report on Friday, February 13th. Oppenheimer initiated coverage on Electrovaya in a report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price target for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $9.50 target price on shares of Electrovaya in a research report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Electrovaya currently has a consensus rating of “Moderate Buy” and an average price target of $11.17.

Electrovaya Stock Down 4.8%

Shares of NASDAQ:ELVA opened at $7.30 on Tuesday. The firm has a market cap of $350.11 million, a PE ratio of 60.84, a price-to-earnings-growth ratio of 1.09 and a beta of 1.35. The company has a fifty day simple moving average of $8.79 and a 200 day simple moving average of $6.83. The company has a current ratio of 6.02, a quick ratio of 4.69 and a debt-to-equity ratio of 0.48. Electrovaya Inc. has a 12-month low of $1.80 and a 12-month high of $11.88.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The company had revenue of $15.50 million during the quarter, compared to analyst estimates of $16.71 million. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. On average, equities research analysts anticipate that Electrovaya Inc. will post 0.1 EPS for the current fiscal 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.