398,000 Shares in Electrovaya Inc. $ELVA Purchased by Caldwell Investment Management Ltd.

Caldwell Investment Management Ltd. acquired a new position in shares of Electrovaya Inc. (NASDAQ:ELVA) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 398,000 shares of the company’s stock, valued at approximately $2,424,000. Electrovaya accounts for approximately 1.6% of Caldwell Investment Management Ltd.’s holdings, making the stock its 12th largest holding. Caldwell Investment Management Ltd. owned about 0.99% of Electrovaya at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Herald Investment Management Ltd raised its holdings in shares of Electrovaya by 7.2% during the second quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock valued at $4,314,000 after acquiring an additional 85,000 shares during the period. AMH Equity Ltd boosted its stake in Electrovaya by 100.0% in the 2nd quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock worth $682,000 after purchasing an additional 100,000 shares during the period. Penbrook Management LLC grew its position in Electrovaya by 69.1% during the 2nd 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 in the last quarter. Calamos Advisors LLC purchased a new position in Electrovaya during the 3rd quarter worth approximately $419,000. Finally, WealthTrust Axiom LLC raised its stake in Electrovaya by 5.5% during the 2nd quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock valued at $1,417,000 after purchasing an additional 21,525 shares during the period. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ELVA. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Wall Street Zen downgraded Electrovaya from a “buy” rating to a “hold” rating in a research note on Sunday, September 28th. Oppenheimer assumed coverage on Electrovaya in a research note on Thursday, December 18th. They set an “outperform” rating and a $14.00 target price on the stock. Raymond James Financial reiterated a “strong-buy” rating and issued a $9.50 target price on shares of Electrovaya in a report on Thursday, December 11th. Finally, Zacks Research upgraded shares of Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Electrovaya has an average rating of “Moderate Buy” and a consensus price target of $9.10.

Electrovaya Stock Performance

Shares of ELVA stock opened at $8.56 on Wednesday. Electrovaya Inc. has a fifty-two week low of $1.80 and a fifty-two week high of $9.12. The stock’s 50-day moving average is $6.27 and its two-hundred day moving average is $5.73. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.16 and a quick ratio of 2.93. The firm has a market cap of $406.69 million, a P/E ratio of 95.12 and a beta of 1.37.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Wednesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The business had revenue of $20.51 million during the quarter, compared to analyst estimates of $20.26 million. Electrovaya had a return on equity of 14.21% and a net margin of 5.27%. Analysts predict that Electrovaya Inc. will post 0.1 earnings per share for the current fiscal year.

Electrovaya 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.