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

Electrovaya Inc. (NASDAQ:ELVA) has received a consensus recommendation of “Moderate Buy” from the five research firms that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $11.1667.

A number of brokerages have recently commented on ELVA. Oppenheimer started coverage on shares of Electrovaya in a research report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price objective on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Electrovaya in a research report on Friday, February 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th.

Electrovaya Stock Up 1.7%

NASDAQ:ELVA opened at $7.78 on Thursday. The stock has a 50-day simple moving average of $8.76 and a 200 day simple moving average of $7.21. Electrovaya has a 52-week low of $2.25 and a 52-week high of $11.88. The company has a market cap of $373.13 million, a PE ratio of 64.84, a PEG ratio of 0.95 and a beta of 1.56. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.69 and a current ratio of 6.02.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $15.50 million during the quarter, compared to the consensus estimate of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. On average, sell-side analysts expect that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Trading of Electrovaya

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