Electrovaya (NASDAQ:ELVA) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of Electrovaya (NASDAQ:ELVA) from a buy rating to a hold rating in a research report released on Sunday morning.

Separately, Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $6.50.

Electrovaya Price Performance

Shares of Electrovaya stock opened at $6.09 on Friday. 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 firm has a market capitalization of $244.27 million, a PE ratio of 203.07 and a beta of 1.58. The business’s 50-day moving average price is $5.44 and its 200-day moving average price is $3.84. Electrovaya has a 12 month low of $1.73 and a 12 month high of $7.49.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Wednesday, August 13th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $17.13 million for the quarter, compared to the consensus estimate of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Electrovaya will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

Several institutional investors and hedge funds have recently bought and sold shares of ELVA. Citadel Advisors LLC bought a new position in Electrovaya during the 4th quarter worth approximately $64,000. AMH Equity Ltd bought a new stake in shares of Electrovaya in the 1st quarter worth approximately $231,000. Mink Brook Asset Management LLC grew its position in shares of Electrovaya by 8.3% in the 1st quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company’s stock worth $874,000 after buying an additional 28,935 shares during the last quarter. WealthTrust Axiom LLC grew its position in shares of Electrovaya by 133.9% in the 1st quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company’s stock worth $910,000 after buying an additional 225,629 shares during the last quarter. Finally, Penbrook Management LLC grew its position in shares of Electrovaya by 69.1% in the 2nd quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after buying an additional 125,896 shares during the last quarter. 22.47% of the stock is currently owned by institutional investors.

About Electrovaya

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.