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

Electrovaya Inc. (NASDAQ:ELVA) has been given an average recommendation of “Moderate Buy” by the six brokerages that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $10.1250.

Several brokerages have commented on ELVA. Raymond James Financial reissued a “strong-buy” rating and issued a $9.50 price target on shares of Electrovaya in a report on Thursday, December 11th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Oppenheimer started coverage on Electrovaya in a research note on Thursday, December 18th. They issued an “outperform” rating and a $14.00 target price on the stock. Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Finally, Roth Mkm set a $7.00 price objective on shares of Electrovaya in a research report on Thursday, December 11th.

Institutional Trading of Electrovaya

Several institutional investors and hedge funds have recently made changes to their positions in ELVA. Solstein Capital LLC purchased a new position in Electrovaya in the third quarter worth $29,000. Global Retirement Partners LLC purchased a new position in shares of Electrovaya in the 3rd quarter worth about $46,000. TD Waterhouse Canada Inc. increased its position in shares of Electrovaya by 737.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock valued at $72,000 after purchasing an additional 8,000 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Electrovaya during the 3rd quarter valued at about $74,000. Finally, Millennium Management LLC bought a new stake in Electrovaya in the 3rd quarter worth approximately $95,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Electrovaya Stock Up 5.2%

ELVA stock opened at $10.91 on Wednesday. The company has a quick ratio of 2.93, a current ratio of 4.16 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $523.24 million, a PE ratio of 121.24 and a beta of 1.37. Electrovaya has a twelve month low of $1.80 and a twelve month high of $11.46. The stock has a 50-day simple moving average of $7.30 and a two-hundred day simple moving average of $6.20.

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, topping analysts’ consensus estimates of $0.05 by $0.01. The firm had revenue of $20.51 million for the quarter, compared to the consensus estimate of $20.26 million. Electrovaya had a net margin of 5.27% and a return on equity of 14.21%. On average, equities analysts predict that Electrovaya will post 0.1 EPS for the current fiscal year.

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.