Electrovaya Inc. (NASDAQ:ELVA) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have earned an average rating of “Moderate Buy” from the five brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $11.1667.

Several research analysts have recently weighed in on ELVA shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Raymond James Financial restated a “strong-buy” rating and issued a $9.50 target price on shares of Electrovaya in a research note on Thursday, December 11th. Oppenheimer started coverage on Electrovaya in a research report on Thursday, December 18th. They set an “outperform” rating and a $14.00 price target for the company. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Electrovaya in a report on Friday, February 13th. Finally, Zacks Research raised shares of Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th.

Electrovaya Stock Down 3.2%

NASDAQ:ELVA opened at $7.56 on Friday. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48. Electrovaya has a 12-month low of $1.80 and a 12-month high of $11.88. The stock’s fifty day simple moving average is $8.88 and its 200-day simple moving average is $6.89. The firm has a market capitalization of $362.58 million, a P/E ratio of 63.01, a P/E/G ratio of 0.94 and a beta of 1.36.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, February 12th. 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 $15.50 million for the quarter, compared to the consensus estimate of $16.71 million. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. Equities research analysts expect that Electrovaya will post 0.1 earnings per share for the current year.

Hedge Funds Weigh In On Electrovaya

A number of institutional investors have recently bought and sold shares of the business. Polar Asset Management Partners Inc. grew its stake in Electrovaya by 145.5% in the 4th quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company’s stock valued at $9,281,000 after buying an additional 696,320 shares during the last quarter. Thompson Siegel & Walmsley LLC acquired a new position in shares of Electrovaya in the fourth quarter valued at approximately $4,976,000. Caldwell Investment Management Ltd. acquired a new position in shares of Electrovaya in the third quarter valued at approximately $2,424,000. Bank of America Corp DE increased its stake in shares of Electrovaya by 76,081.0% during the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock worth $1,795,000 after purchasing an additional 304,324 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new stake in Electrovaya during the 3rd quarter worth approximately $1,677,000. Institutional investors and hedge funds 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.