Electrovaya Inc. (NASDAQ:ELVA) Given Consensus Rating of “Buy” by Analysts

Electrovaya Inc. (NASDAQ:ELVA) has received a consensus recommendation of “Buy” from the six brokerages that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $6.10.

Several research analysts have issued reports on ELVA shares. Roth Mkm reaffirmed a “buy” rating and issued a $5.00 target price (up from $4.00) on shares of Electrovaya in a report on Friday, February 14th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a research note on Friday, February 14th. Finally, Raymond James set a $4.50 price target on shares of Electrovaya and gave the stock a “strong-buy” rating in a research note on Thursday, January 30th.

Electrovaya Stock Down 4.2 %

Shares of Electrovaya stock opened at $2.29 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.69 and a current ratio of 1.55. The stock has a market capitalization of $91.81 million, a PE ratio of -57.25 and a beta of 1.84. Electrovaya has a 52-week low of $1.67 and a 52-week high of $4.24. The company has a 50-day simple moving average of $2.46 and a two-hundred day simple moving average of $2.32.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. On average, analysts anticipate that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Trading of Electrovaya

A number of large investors have recently made changes to their positions in the stock. AIGH Capital Management LLC grew its stake in shares of Electrovaya by 3.2% in the fourth quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company’s stock worth $6,262,000 after acquiring an additional 77,473 shares during the period. Polar Asset Management Partners Inc. bought a new stake in Electrovaya during the fourth quarter valued at approximately $5,372,000. Herald Investment Management Ltd grew its position in Electrovaya by 372.0% during the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock valued at $2,856,000 after buying an additional 930,000 shares during the period. Mink Brook Asset Management LLC bought a new stake in Electrovaya during the fourth quarter valued at approximately $867,000. Finally, Penbrook Management LLC bought a new stake in Electrovaya during the fourth quarter valued at approximately $448,000. 22.47% of the stock is currently owned by institutional investors.

Electrovaya Company Profile

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.