Electrovaya (NASDAQ:ELVA) Upgraded at Zacks Research

Zacks Research upgraded shares of Electrovaya (NASDAQ:ELVA) from a strong sell rating to a hold rating in a research report released on Thursday,Zacks.com reports.

Separately, Wall Street Zen cut shares of Electrovaya from a “buy” rating to a “hold” rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Electrovaya has a consensus rating of “Buy” and an average target price of $6.13.

Electrovaya Stock Performance

ELVA opened at $5.90 on Thursday. The company has a current ratio of 4.03, a quick ratio of 2.88 and a debt-to-equity ratio of 0.91. The company has a market cap of $236.63 million, a price-to-earnings ratio of 196.73 and a beta of 1.59. The company’s 50 day moving average is $4.84 and its 200 day moving average is $3.52. Electrovaya has a 12-month low of $1.73 and a 12-month high of $6.70.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Wednesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $17.13 million during the quarter, compared to analysts’ expectations of $17.25 million. Electrovaya had a return on equity of 6.66% and a net margin of 2.19%. Electrovaya has set its FY 2025 guidance at EPS. On average, equities research analysts predict that Electrovaya will post 0.1 EPS for the current year.

Institutional Investors Weigh In On Electrovaya

Institutional investors and hedge funds have recently modified their holdings of the stock. Citadel Advisors LLC bought a new stake in shares of Electrovaya during the fourth quarter valued at approximately $64,000. AMH Equity Ltd bought a new stake in Electrovaya in the first quarter worth $231,000. Mink Brook Asset Management LLC increased its position in Electrovaya by 8.3% in the first quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company’s stock worth $874,000 after purchasing an additional 28,935 shares during the last quarter. WealthTrust Axiom LLC increased its position in Electrovaya by 133.9% in the first quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company’s stock worth $910,000 after purchasing an additional 225,629 shares during the last quarter. Finally, Penbrook Management LLC increased its position in Electrovaya by 69.1% in the second quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after purchasing an additional 125,896 shares during the last quarter. Institutional investors own 22.47% of the company’s stock.

Electrovaya Company Profile

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.