Polar Asset Management Partners Inc. Sells 419,077 Shares of Electrovaya Inc. $ELVA

Polar Asset Management Partners Inc. trimmed its stake in shares of Electrovaya Inc. (NASDAQ:ELVA) by 35.7% in the first quarter, Holdings Channel.com reports. The fund owned 755,723 shares of the company’s stock after selling 419,077 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Electrovaya were worth $5,910,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Thompson Siegel & Walmsley LLC bought a new stake in Electrovaya in the fourth quarter valued at approximately $4,976,000. WealthTrust Axiom LLC raised its holdings in Electrovaya by 23.1% during the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock worth $3,996,000 after purchasing an additional 94,950 shares during the last quarter. Mink Brook Asset Management LLC lifted its position in shares of Electrovaya by 4.4% in the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock worth $1,347,000 after purchasing an additional 16,713 shares during the period. Bank of America Corp DE lifted its position in shares of Electrovaya by 76,081.0% in the 3rd quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock worth $1,795,000 after purchasing an additional 304,324 shares during the period. Finally, Conestoga Capital Advisors LLC acquired a new position in shares of Electrovaya in the 4th quarter worth approximately $2,080,000. 22.47% of the stock is owned by institutional investors and hedge funds.

Electrovaya Price Performance

Shares of ELVA opened at $8.33 on Monday. The firm has a market cap of $412.42 million, a PE ratio of 69.42, a price-to-earnings-growth ratio of 1.11 and a beta of 1.62. Electrovaya Inc. has a 52-week low of $4.10 and a 52-week high of $12.78. The business’s 50 day moving average price is $10.01 and its two-hundred day moving average price is $9.30. 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 (NASDAQ:ELVA) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The company had revenue of $18.05 million during the quarter, compared to the consensus estimate of $17.74 million. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%. On average, equities analysts anticipate that Electrovaya Inc. will post 0.14 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on ELVA. HC Wainwright increased their price objective on shares of Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Roth Capital restated a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a report on Wednesday, June 24th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Electrovaya currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.75.

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.