Electrovaya (NASDAQ:ELVA) Stock Rating Lowered by Wall Street Zen

Electrovaya (NASDAQ:ELVA) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Monday.

Electrovaya Stock Performance

Shares of Electrovaya stock opened at $4.99 on Monday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 3.01 and a current ratio of 3.89. Electrovaya has a 52-week low of $1.67 and a 52-week high of $5.14. The company’s 50 day moving average price is $3.51 and its 200-day moving average price is $2.87.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). Electrovaya had a negative return on equity of 0.21% and a negative net margin of 0.06%. The firm had revenue of $15.02 million during the quarter, compared to the consensus estimate of $15.95 million. On average, sell-side analysts forecast that Electrovaya will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ELVA. XTX Topco Ltd bought a new stake in Electrovaya in the fourth quarter valued at $27,000. Citadel Advisors LLC bought a new stake in Electrovaya in the fourth quarter valued at $64,000. AMH Equity Ltd bought a new stake in Electrovaya in the first quarter valued at $231,000. WealthTrust Axiom LLC boosted its holdings in Electrovaya by 181.2% in the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock valued at $418,000 after acquiring an additional 108,550 shares in the last quarter. Finally, Manatuck Hill Partners LLC bought a new stake in Electrovaya in the fourth quarter valued at $434,000. Institutional investors own 22.47% of the company’s stock.

Electrovaya Company Profile

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.