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

Electrovaya Inc. (NASDAQ:ELVA) has been given an average rating of “Moderate Buy” by the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two 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 twelve-month price objective among analysts that have covered the stock in the last year is $17.75.

A number of research analysts have recently issued reports on ELVA shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Finally, HC Wainwright lifted their price objective on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 15th.

Institutional Trading of Electrovaya

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mink Brook Asset Management LLC raised its holdings in shares of 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 last quarter. Dimensional Fund Advisors LP bought a new stake in Electrovaya during the 3rd quarter worth about $74,000. First Trust Advisors LP acquired a new stake in Electrovaya in the 3rd quarter valued at about $468,000. Russell Investments Group Ltd. acquired a new stake in Electrovaya in the 3rd quarter valued at about $887,000. Finally, Virtu Financial LLC bought a new position in shares of Electrovaya in the third quarter worth about $96,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Stock Up 11.2%

ELVA opened at $10.19 on Wednesday. The firm has a market cap of $504.51 million, a price-to-earnings ratio of 84.92, a PEG ratio of 1.22 and a beta of 1.62. 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’s 50-day simple moving average is $10.12 and its 200-day simple moving average is $9.29. Electrovaya has a twelve month low of $3.66 and a twelve month high of $12.78.

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