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

Shares of Electrovaya Inc. (NASDAQ:ELVA) have earned an average rating of “Moderate Buy” from the five brokerages that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $11.1667.

A number of analysts have recently weighed in on ELVA shares. Oppenheimer started coverage on shares of Electrovaya in a report on Thursday, December 18th. They set an “outperform” rating and a $14.00 target price for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a report on Wednesday. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Electrovaya in a research report on Friday, February 13th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Caldwell Investment Management Ltd. purchased a new stake in shares of Electrovaya in the 3rd quarter worth about $2,424,000. Hillsdale Investment Management Inc. purchased a new position in shares of Electrovaya during the third quarter valued at about $1,677,000. Calamos Advisors LLC purchased a new position in shares of Electrovaya during the third quarter valued at about $419,000. Cibc World Market Inc. bought a new position in Electrovaya in the third quarter worth about $449,000. Finally, WealthTrust Axiom LLC raised its stake in Electrovaya by 5.5% in the second quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock worth $1,417,000 after buying an additional 21,525 shares in the last quarter. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Trading Down 8.0%

NASDAQ:ELVA opened at $7.59 on Thursday. The firm has a market capitalization of $364.02 million, a P/E ratio of 63.26, a P/E/G ratio of 1.03 and a beta of 1.56. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average of $8.88 and a 200 day moving average of $7.16. Electrovaya has a 52 week low of $2.25 and a 52 week high of $11.88.

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, topping analysts’ consensus estimates of $0.01 by $0.01. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. The business had revenue of $15.50 million for the quarter, compared to analyst estimates of $16.71 million. On average, research analysts predict that Electrovaya will post 0.1 earnings per share for the current 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.