Analysts Set Electrovaya Inc. (NASDAQ:ELVA) Target Price at $17.75

Electrovaya Inc. (NASDAQ:ELVA) has been given an average recommendation of “Moderate Buy” by the six analysts that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $17.75.

ELVA has been the subject of a number of research reports. HC Wainwright increased their target price 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. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a report on Thursday, July 16th.

Electrovaya Price Performance

Electrovaya stock opened at $8.33 on Wednesday. Electrovaya has a 52 week low of $4.10 and a 52 week high of $12.78. The company’s 50 day moving average price is $10.01 and its two-hundred day moving average price is $9.30. The company has a quick ratio of 5.93, a current ratio of 7.66 and a debt-to-equity ratio of 0.54. The stock has a market cap of $412.42 million, a P/E ratio of 69.42, a P/E/G ratio of 1.15 and a beta of 1.62.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $18.05 million during the quarter, compared to analyst estimates of $17.74 million. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%. On average, equities analysts predict that Electrovaya will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its position in shares of Electrovaya by 4,900.0% during the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after buying an additional 3,920 shares during the period. Granahan Investment Management LLC boosted its position in shares of Electrovaya by 2.7% in the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock valued at $1,566,000 after acquiring an additional 5,234 shares during the period. TD Waterhouse Canada Inc. boosted its position in shares of 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 acquiring an additional 8,000 shares during the period. Lazard Asset Management LLC grew its stake in Electrovaya by 10.3% during the fourth quarter. Lazard Asset Management LLC now owns 86,347 shares of the company’s stock valued at $682,000 after acquiring an additional 8,090 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Electrovaya by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock valued at $451,000 after acquiring an additional 8,983 shares in the last quarter. Institutional investors own 22.47% of the company’s stock.

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.