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

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been given a consensus rating of “Moderate Buy” by the five analysts that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $11.1667.

ELVA has been the topic of a number of recent research reports. Raymond James Financial restated a “strong-buy” rating and set a $9.50 price target on shares of Electrovaya in a report on Thursday, December 11th. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Electrovaya in a research report on Friday, February 13th. Oppenheimer began coverage on Electrovaya in a research report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price target for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Finally, Zacks Research raised Electrovaya from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th.

Institutional Trading of Electrovaya

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caldwell Investment Management Ltd. acquired a new position in shares of Electrovaya during the third quarter worth approximately $2,424,000. AMH Equity Ltd grew its stake in shares of Electrovaya by 100.0% in the second quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock worth $682,000 after acquiring an additional 100,000 shares during the last quarter. Calamos Advisors LLC bought a new position in Electrovaya during the third quarter worth $419,000. Cibc World Market Inc. acquired a new position in Electrovaya during the 3rd quarter valued at $449,000. Finally, WealthTrust Axiom LLC boosted its holdings in Electrovaya by 5.5% in the 2nd quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock valued at $1,417,000 after purchasing an additional 21,525 shares during the period. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Stock Performance

Shares of ELVA stock opened at $7.67 on Friday. Electrovaya has a fifty-two week low of $1.80 and a fifty-two week high of $11.88. The stock’s 50-day moving average is $8.78 and its two-hundred day moving average is $6.79. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.02 and a quick ratio of 2.93. The firm has a market cap of $367.85 million, a P/E ratio of 63.92, a PEG ratio of 1.09 and a beta of 1.36.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $15.50 million during the quarter, compared to analyst estimates of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. Analysts predict that Electrovaya will post 0.1 earnings per share 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.