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

Electrovaya Inc. (NASDAQ:ELVA) has been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $9.10.

Several analysts recently weighed in on the company. Oppenheimer started coverage on Electrovaya in a research note on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price objective on the stock. Roth Capital set a $7.00 target price on Electrovaya in a research report on Thursday, December 11th. Zacks Research raised shares of Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Wall Street Zen downgraded shares of Electrovaya from a “buy” rating to a “hold” rating in a research note on Sunday, September 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a report on Monday.

Institutional Investors Weigh In On Electrovaya

Several hedge funds have recently modified their holdings of the company. Solstein Capital LLC bought a new stake in Electrovaya during the 3rd quarter worth $29,000. Global Retirement Partners LLC bought a new position in Electrovaya in the third quarter valued at about $46,000. Dimensional Fund Advisors LP acquired a new stake in shares of Electrovaya during the third quarter valued at about $74,000. Millennium Management LLC acquired a new stake in shares of Electrovaya during the third quarter valued at about $95,000. Finally, Virtu Financial LLC bought a new stake in shares of Electrovaya during the third quarter worth about $96,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Stock Up 0.3%

Shares of ELVA opened at $7.92 on Friday. The firm has a 50 day simple moving average of $5.93 and a two-hundred day simple moving average of $5.44. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.16 and a quick ratio of 2.93. Electrovaya has a one year low of $1.80 and a one year high of $8.44. The company has a market cap of $376.31 million, a P/E ratio of 88.01 and a beta of 1.66.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Wednesday, December 10th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Electrovaya had a return on equity of 14.21% and a net margin of 5.27%.The firm had revenue of $20.51 million for the quarter, compared to the consensus estimate of $20.26 million. Research analysts forecast that Electrovaya will post 0.1 EPS for the current fiscal year.

Electrovaya Company Profile

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.