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

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

ELVA has been the topic of several analyst reports. Oppenheimer dropped their target price on Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a research note on Wednesday, July 15th. Wall Street Zen lowered shares of Electrovaya from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Weiss Ratings cut shares of Electrovaya from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday.

Electrovaya Trading Down 0.7%

NASDAQ ELVA opened at $5.75 on Monday. Electrovaya has a 1 year low of $4.10 and a 1 year high of $12.78. The company has a debt-to-equity ratio of 0.60, a current ratio of 7.53 and a quick ratio of 5.72. The company has a market capitalization of $287.50 million, a PE ratio of 52.28, a P/E/G ratio of 0.46 and a beta of 1.64. The company has a fifty day moving average of $6.99 and a 200 day moving average of $8.64.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02). The company had revenue of $17.71 million for the quarter, compared to analyst estimates of $21.44 million. Electrovaya had a return on equity of 7.96% and a net margin of 6.14%. Research analysts forecast that Electrovaya will post 0.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ELVA. WealthTrust Axiom LLC grew its position in shares of Electrovaya by 23.1% during the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock valued at $3,996,000 after acquiring an additional 94,950 shares during the period. Lazard Asset Management LLC raised its holdings in Electrovaya by 188.9% in the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock worth $1,951,000 after purchasing an additional 163,082 shares during the period. Granahan Investment Management LLC boosted its position in Electrovaya by 2.7% during the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock worth $1,566,000 after purchasing an additional 5,234 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Electrovaya by 18.4% during the first 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 in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Electrovaya during the second quarter worth approximately $146,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

About Electrovaya

Electrovaya Inc is a Canadian battery technology company that develops and manufactures lithium-ion batteries, battery systems and related energy-storage solutions. Its technologies are designed to provide high energy density, long cycle life and enhanced safety for applications that require reliable rechargeable power.

The company’s products serve markets including electric material-handling equipment, such as industrial forklifts, as well as electric mobility, transportation and stationary energy storage.