Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) PT at $12.63

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been given a consensus rating of “Moderate Buy” by the six analysts that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $12.6250.

A number of brokerages recently weighed in on ELVA. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research report on Friday, March 27th. Roth Mkm reissued a “buy” rating and issued a $12.00 price target on shares of Electrovaya in a research report on Friday, May 15th. Finally, HC Wainwright boosted their price target on shares of Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 15th.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors and hedge funds have recently bought and sold shares of ELVA. Polar Asset Management Partners Inc. lifted its position in Electrovaya by 145.5% in the fourth quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company’s stock valued at $9,281,000 after acquiring an additional 696,320 shares during the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in Electrovaya in the fourth quarter valued at $4,976,000. Bank of America Corp DE lifted its position in Electrovaya by 76,081.0% in the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock valued at $1,795,000 after acquiring an additional 304,324 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in Electrovaya in the third quarter valued at $1,677,000. Finally, Conestoga Capital Advisors LLC purchased a new stake in Electrovaya in the fourth quarter valued at $2,080,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Price Performance

Electrovaya stock opened at $11.11 on Tuesday. The stock has a market cap of $550.02 million, a P/E ratio of 92.59, a price-to-earnings-growth ratio of 1.46 and a beta of 1.56. The company has a fifty day simple moving average of $9.66 and a 200-day simple moving average of $8.41. Electrovaya has a 12-month low of $3.07 and a 12-month high of $12.78. The company has a current ratio of 7.66, a quick ratio of 5.93 and a debt-to-equity ratio of 0.54.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%. The business had revenue of $18.05 million during the quarter, compared to analysts’ expectations of $17.74 million. Equities analysts expect that Electrovaya will post 0.14 EPS for the current fiscal 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.