Electrovaya Inc. (NASDAQ:ELVA) Given Average Rating of “Moderate Buy” by Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have received a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $10.1250.

Several equities research analysts recently weighed in on the company. Oppenheimer assumed coverage on Electrovaya in a report on Thursday, December 18th. They set an “outperform” rating and a $14.00 target price for the company. Raymond James Financial reissued a “strong-buy” rating and set a $9.50 price objective on shares of Electrovaya in a research note on Thursday, December 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Roth Mkm set a $7.00 price target on shares of Electrovaya in a research report on Thursday, December 11th. Finally, Zacks Research upgraded shares of Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th.

Electrovaya Price Performance

ELVA stock opened at $10.91 on Wednesday. The firm has a market cap of $523.24 million, a P/E ratio of 121.24 and a beta of 1.37. The firm’s fifty day moving average is $7.30 and its 200 day moving average is $6.20. Electrovaya has a 52 week low of $1.80 and a 52 week high of $11.46. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.93 and a current ratio of 4.16.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Solstein Capital LLC purchased a new stake in Electrovaya in the 3rd quarter worth approximately $29,000. Global Retirement Partners LLC purchased a new stake in Electrovaya in the third quarter worth $46,000. TD Waterhouse Canada Inc. boosted its holdings in Electrovaya by 737.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock valued at $72,000 after acquiring an additional 8,000 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in Electrovaya during the 3rd quarter valued at $74,000. Finally, Millennium Management LLC bought a new position in Electrovaya in the 3rd quarter worth $95,000. 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.