Electrovaya (NASDAQ:ELVA) Shares Gap Up – Still a Buy?

Electrovaya Inc. (NASDAQ:ELVA) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.89, but opened at $12.20. Electrovaya shares last traded at $11.1380, with a volume of 12,269,507 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ELVA shares. Roth Capital restated a “buy” rating and issued a $20.00 price target on shares of Electrovaya in a research note on Friday, June 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research report on Wednesday, June 24th. HC Wainwright increased their target price on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.62.

Electrovaya Trading Up 37.8%

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 firm has a market capitalization of $538.32 million, a PE ratio of 90.68, a PEG ratio of 1.01 and a beta of 1.62. The stock’s fifty day simple moving average is $10.16 and its 200 day simple moving average is $9.21.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.02 earnings per share 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 for the quarter, compared to analysts’ expectations of $17.74 million. On average, sell-side analysts predict that Electrovaya Inc. will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Electrovaya

Several institutional investors and hedge funds have recently bought and sold shares of ELVA. Huntleigh Advisors Inc. bought a new position in shares of Electrovaya during the 4th quarter valued at approximately $1,182,000. Triasima Portfolio Management inc. bought a new stake in Electrovaya during the 4th quarter worth approximately $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Electrovaya during the 4th quarter worth approximately $700,000. Thompson Siegel & Walmsley LLC purchased a new position in Electrovaya during the fourth quarter valued at approximately $4,976,000. Finally, Conestoga Capital Advisors LLC purchased a new position in Electrovaya during the fourth quarter valued at approximately $2,080,000. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

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.