Wall Street Zen Downgrades Electrovaya (NASDAQ:ELVA) to Hold

Electrovaya (NASDAQ:ELVA) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

Separately, Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Electrovaya has a consensus rating of “Buy” and a consensus price target of $6.50.

Electrovaya Price Performance

ELVA stock opened at $6.14 on Friday. The business has a 50 day moving average price of $5.48 and a 200 day moving average price of $3.86. The stock has a market cap of $246.28 million, a price-to-earnings ratio of 204.73 and a beta of 1.58. Electrovaya has a fifty-two week low of $1.73 and a fifty-two week high of $7.49. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $17.13 million for the quarter, compared to analysts’ expectations of $17.25 million. Electrovaya had a return on equity of 6.66% and a net margin of 2.19%. Electrovaya has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citadel Advisors LLC purchased a new stake in shares of Electrovaya during the fourth quarter worth approximately $64,000. AMH Equity Ltd purchased a new stake in shares of Electrovaya during the first quarter worth approximately $231,000. Mink Brook Asset Management LLC raised its stake in shares of Electrovaya by 8.3% during the first quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company’s stock worth $874,000 after purchasing an additional 28,935 shares during the last quarter. WealthTrust Axiom LLC raised its stake in shares of Electrovaya by 133.9% during the first quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company’s stock worth $910,000 after purchasing an additional 225,629 shares during the last quarter. Finally, Herald Investment Management Ltd raised its stake in shares of Electrovaya by 7.2% during the second quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock worth $4,314,000 after purchasing an additional 85,000 shares during the last quarter. Hedge funds and other institutional investors own 22.47% of the company’s stock.

About Electrovaya

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.