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

Shares of Electrovaya Inc. (NASDAQ:ELVA) have received a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $12.6250.

Several equities analysts have recently issued reports on the company. HC Wainwright upped their price target on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Roth Mkm reaffirmed a “buy” rating and set a $12.00 price target on shares of Electrovaya in a research note on Friday, May 15th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a research note on Wednesday, March 18th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research note on Friday, March 27th.

Hedge Funds Weigh In On Electrovaya

Several hedge funds have recently added to or reduced their stakes in ELVA. Mink Brook Asset Management LLC lifted its stake in Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after buying an additional 16,713 shares during the period. Cibc World Market Inc. acquired a new position in Electrovaya in the third quarter valued at about $449,000. Hillsdale Investment Management Inc. acquired a new position in Electrovaya in the third quarter valued at about $1,677,000. Dimensional Fund Advisors LP acquired a new position in Electrovaya in the third quarter valued at about $74,000. Finally, Solstein Capital LLC acquired a new position in Electrovaya in the third quarter valued at about $29,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Stock Performance

Shares of NASDAQ:ELVA opened at $11.33 on Tuesday. The business’s fifty day moving average price is $9.41 and its two-hundred day moving average price is $8.27. Electrovaya has a fifty-two week low of $2.98 and a fifty-two week high of $11.89. The stock has a market capitalization of $560.91 million, a price-to-earnings ratio of 94.42, a price-to-earnings-growth ratio of 1.52 and a beta of 1.44. The company has a debt-to-equity ratio of 0.54, a current ratio of 7.66 and a quick ratio of 5.93.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, May 14th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $18.05 million for the quarter, compared to analysts’ expectations of $17.74 million. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%. As a group, analysts predict that Electrovaya will post 0.14 EPS for the current fiscal year.

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.