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

Electrovaya Inc. (NASDAQ:ELVA) has been assigned a consensus recommendation of “Moderate Buy” from the five analysts that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $11.1667.

Several research analysts have commented on ELVA shares. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Oppenheimer assumed coverage on shares of Electrovaya in a report 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 on shares of Electrovaya in a research report on Wednesday. Finally, Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a research note on Friday, February 13th.

Institutional Investors Weigh In On Electrovaya

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP boosted its holdings in Electrovaya by 4,900.0% during the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,920 shares during the period. Solstein Capital LLC purchased a new position in Electrovaya in the 3rd quarter worth approximately $29,000. Global Retirement Partners LLC purchased a new position in Electrovaya in the 3rd quarter worth approximately $46,000. TD Waterhouse Canada Inc. lifted its position in Electrovaya by 737.3% in the fourth 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. Finally, Lazard Asset Management LLC lifted its position in Electrovaya by 10.3% in the fourth quarter. Lazard Asset Management LLC now owns 86,347 shares of the company’s stock valued at $682,000 after purchasing an additional 8,090 shares during the last quarter. Institutional investors own 22.47% of the company’s stock.

Electrovaya Price Performance

Shares of Electrovaya stock opened at $7.59 on Thursday. The firm has a market capitalization of $364.02 million, a PE ratio of 63.26, a price-to-earnings-growth ratio of 1.03 and a beta of 1.56. The company has a current ratio of 6.02, a quick ratio of 4.69 and a debt-to-equity ratio of 0.48. Electrovaya has a 12 month low of $2.25 and a 12 month high of $11.88. The business’s 50-day moving average price is $8.88 and its 200-day moving average price is $7.16.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $15.50 million during the quarter, compared to the consensus estimate of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. Sell-side analysts forecast 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.