Electrovaya Inc. $ELVA Shares Acquired by WealthTrust Axiom LLC

WealthTrust Axiom LLC raised its stake in shares of Electrovaya Inc. (NASDAQ:ELVA) by 23.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 505,854 shares of the company’s stock after acquiring an additional 94,950 shares during the period. Electrovaya makes up 1.0% of WealthTrust Axiom LLC’s holdings, making the stock its 26th biggest holding. WealthTrust Axiom LLC owned approximately 1.05% of Electrovaya worth $3,996,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the stock. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Electrovaya during the fourth quarter valued at about $4,976,000. Mink Brook Asset Management LLC increased its position in shares of Electrovaya by 4.4% during the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after acquiring an additional 16,713 shares during the last quarter. Penbrook Management LLC increased its position in shares of Electrovaya by 13.6% during the fourth quarter. Penbrook Management LLC now owns 349,861 shares of the company’s stock valued at $2,764,000 after acquiring an additional 41,950 shares during the last quarter. Bank of America Corp DE increased its position in shares of Electrovaya by 76,081.0% during 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. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Electrovaya during the third quarter valued at about $1,677,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Stock Performance

NASDAQ ELVA opened at $9.50 on Monday. The firm has a 50 day simple moving average of $9.92 and a 200-day simple moving average of $8.64. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66. Electrovaya Inc. has a one year low of $3.11 and a one year high of $12.78. The firm has a market cap of $470.35 million, a price-to-earnings ratio of 79.17, a PEG ratio of 1.23 and a beta of 1.56.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.02 EPS for the quarter, beating 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 analyst estimates of $17.74 million. Equities research analysts anticipate that Electrovaya Inc. will post 0.14 EPS for the current fiscal year.

Analyst Ratings Changes

ELVA has been the subject of a number of recent analyst reports. Roth Mkm reiterated a “buy” rating and set a $20.00 price target on shares of Electrovaya in a research report on Friday, June 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research report on Friday, March 27th. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. Finally, HC Wainwright raised their price objective on shares of Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $14.63.

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.