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

Electrovaya Inc. (NASDAQ:ELVA) has been given an average recommendation of “Moderate Buy” by the five ratings firms that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $11.1667.

Several research firms have issued reports on ELVA. Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Electrovaya in a research report on Friday, February 13th. Oppenheimer initiated coverage on shares of Electrovaya in a research report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price target for the company. Raymond James Financial reiterated a “strong-buy” rating and set a $9.50 price objective on shares of Electrovaya in a research report on Thursday, December 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors have recently bought and sold shares of ELVA. Caldwell Investment Management Ltd. purchased a new stake in shares of Electrovaya in the third quarter worth approximately $2,424,000. AMH Equity Ltd increased its stake in Electrovaya by 100.0% in the 2nd quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock valued at $682,000 after buying an additional 100,000 shares during the period. Calamos Advisors LLC purchased a new stake in Electrovaya in the 3rd quarter worth approximately $419,000. Cibc World Market Inc. purchased a new stake in Electrovaya in the 3rd quarter worth approximately $449,000. Finally, WealthTrust Axiom LLC boosted its stake in shares of 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 buying an additional 21,525 shares during the period. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Price Performance

ELVA opened at $7.67 on Friday. The stock has a market capitalization of $367.85 million, a PE ratio of 63.92, a P/E/G ratio of 1.09 and a beta of 1.36. Electrovaya has a 1 year low of $1.80 and a 1 year high of $11.88. The company’s 50 day simple moving average is $8.78 and its 200 day simple moving average is $6.79. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.93 and a current ratio of 6.02.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $15.50 million during the quarter, compared to analyst estimates of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. As a group, sell-side analysts expect that Electrovaya will post 0.1 EPS for the current 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.