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

Electrovaya Inc. (NASDAQ:ELVA) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are covering the company, Marketbeat Ratings reports. Two 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 1-year price objective among analysts that have issued ratings on the stock in the last year is $14.6250.

Several analysts have recently weighed in on ELVA shares. Roth Mkm reissued a “buy” rating and set a $20.00 price objective on shares of Electrovaya in a report on Friday, June 5th. HC Wainwright lifted their price objective on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a report on Wednesday.

Electrovaya Stock Performance

Shares of NASDAQ ELVA opened at $9.76 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66. The firm has a market cap of $483.22 million, a price-to-earnings ratio of 81.34, a P/E/G ratio of 1.26 and a beta of 1.56. The business’s 50-day simple moving average is $10.24 and its 200-day simple moving average is $8.97. Electrovaya has a 52 week low of $3.11 and a 52 week high of $12.78.

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

Hedge Funds Weigh In On Electrovaya

Hedge funds and other institutional investors have recently modified their holdings of the stock. Huntleigh Advisors Inc. acquired a new position in shares of Electrovaya in the fourth quarter valued at approximately $1,182,000. Triasima Portfolio Management inc. bought a new stake in Electrovaya during the fourth quarter worth $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Electrovaya during the fourth quarter worth $700,000. Conestoga Capital Advisors LLC acquired a new position in shares of Electrovaya during the fourth quarter worth $2,080,000. Finally, Thompson Siegel & Walmsley LLC acquired a new position in shares of Electrovaya during the fourth quarter worth $4,976,000. 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.