Electrovaya Inc. (NASDAQ:ELVA) Receives $17.50 Consensus PT from Brokerages

Shares of Electrovaya Inc. (NASDAQ:ELVA) have received an average rating of “Moderate Buy” from the six analysts that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $17.50.

A number of research firms recently weighed in on ELVA. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research report on Wednesday, June 24th. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a research note on Wednesday, July 15th. Wall Street Zen cut shares of Electrovaya from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Finally, Oppenheimer cut their price target on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th.

Electrovaya Price Performance

NASDAQ ELVA opened at $6.68 on Friday. The company has a 50-day moving average price of $9.06 and a two-hundred day moving average price of $9.09. Electrovaya has a 52 week low of $4.10 and a 52 week high of $12.78. The stock has a market cap of $330.71 million, a price-to-earnings ratio of 60.73, a price-to-earnings-growth ratio of 1.49 and a beta of 1.69. The company has a current ratio of 7.53, a quick ratio of 5.72 and a debt-to-equity ratio of 0.60.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). Electrovaya had a return on equity of 7.96% and a net margin of 6.14%.The business had revenue of $17.71 million for the quarter, compared to analyst estimates of $21.44 million. Analysts forecast that Electrovaya will post 0.08 EPS for the current year.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors have recently modified their holdings of ELVA. Allworth Financial LP lifted its stake in Electrovaya by 4,900.0% in the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,920 shares during the last quarter. TD Waterhouse Canada Inc. lifted its position in shares of Electrovaya by 737.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after buying an additional 8,000 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Electrovaya in the fourth quarter worth $79,000. Dimensional Fund Advisors LP bought a new stake in shares of Electrovaya during the 3rd quarter worth $74,000. Finally, Regal Investment Advisors LLC bought a new position in Electrovaya in the 4th quarter worth $102,000. 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.