76,230 Shares in Electrovaya Inc. $ELVA Bought by Cibc World Market Inc.

Cibc World Market Inc. purchased a new stake in Electrovaya Inc. (NASDAQ:ELVA) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 76,230 shares of the company’s stock, valued at approximately $449,000. Cibc World Market Inc. owned 0.18% of Electrovaya at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Global Retirement Partners LLC acquired a new position in Electrovaya during the 3rd quarter worth approximately $46,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Electrovaya in the third quarter valued at approximately $118,000. Calamos Advisors LLC bought a new stake in shares of Electrovaya in the third quarter worth $419,000. AMH Equity Ltd boosted its holdings in Electrovaya by 100.0% during the second 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 last quarter. Finally, Mink Brook Asset Management LLC grew its position in Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after purchasing an additional 16,713 shares in the last quarter. 22.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ELVA. Raymond James Financial restated a “strong-buy” rating and issued a $9.50 price objective on shares of Electrovaya in a report on Thursday, December 11th. Zacks Research raised Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Electrovaya in a research report on Friday, February 13th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Finally, Oppenheimer initiated coverage on shares of Electrovaya in a report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Electrovaya currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.17.

Electrovaya Stock Up 3.8%

ELVA opened at $8.15 on Thursday. The stock has a fifty day moving average of $8.73 and a 200-day moving average of $6.75. The company has a market capitalization of $390.87 million, a P/E ratio of 67.92, a P/E/G ratio of 1.12 and a beta of 1.36. Electrovaya Inc. has a fifty-two week low of $1.80 and a fifty-two week high of $11.88. 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 issued 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. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. The business had revenue of $15.50 million during the quarter, compared to analysts’ expectations of $16.71 million. On average, equities analysts expect that Electrovaya Inc. 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.