Electrovaya Inc. (NASDAQ:ELVA) Receives $11.17 Average PT from Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been assigned an average rating of “Moderate Buy” from the five research firms that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $11.1667.

Several research firms have issued reports on ELVA. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Electrovaya in a report on Friday, February 13th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a report on Friday, March 27th.

Institutional Trading of Electrovaya

Several hedge funds have recently bought and sold shares of the stock. Polar Asset Management Partners Inc. grew its holdings in Electrovaya by 145.5% during 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 purchasing an additional 696,320 shares during the period. Thompson Siegel & Walmsley LLC purchased a new stake in Electrovaya in the 4th quarter worth $4,976,000. WealthTrust Axiom LLC lifted its position in shares of Electrovaya by 23.1% in the fourth quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock valued at $3,996,000 after acquiring an additional 94,950 shares in the last quarter. Caldwell Investment Management Ltd. purchased a new position in shares of Electrovaya in the third quarter valued at about $2,424,000. Finally, Mink Brook Asset Management LLC lifted its position in shares of Electrovaya by 4.4% in 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 in the last quarter. Institutional investors own 22.47% of the company’s stock.

Electrovaya Price Performance

Shares of ELVA opened at $10.38 on Friday. The firm has a market cap of $513.91 million, a PE ratio of 86.51, a P/E/G ratio of 1.40 and a beta of 1.44. The company has a current ratio of 6.02, a quick ratio of 4.69 and a debt-to-equity ratio of 0.48. The firm has a fifty day simple moving average of $8.63 and a two-hundred day simple moving average of $7.79. Electrovaya has a 1-year low of $2.67 and a 1-year high of $11.88.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $15.50 million during the quarter, compared to analyst estimates of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. On average, equities analysts anticipate that Electrovaya will post 0.15 EPS for the current 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.