Research Analysts Issue Forecasts for Electrovaya Inc.’s Q3 2024 Earnings (NASDAQ:ELVA)

Electrovaya Inc. (NASDAQ:ELVA) – Equities research analysts at Roth Capital lowered their Q3 2024 earnings per share estimates for Electrovaya in a research note issued to investors on Tuesday, March 26th. Roth Capital analyst C. Irwin now forecasts that the company will earn $0.05 per share for the quarter, down from their prior estimate of $0.07. Roth Capital currently has a “Buy” rating on the stock. The consensus estimate for Electrovaya’s current full-year earnings is $0.18 per share. Roth Capital also issued estimates for Electrovaya’s Q4 2024 earnings at $0.11 EPS.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Tuesday, February 13th. The company reported ($0.03) earnings per share for the quarter. Electrovaya had a net margin of 1.79% and a return on equity of 12.44%. The firm had revenue of $12.09 million during the quarter, compared to analyst estimates of $12.63 million.

ELVA has been the topic of a number of other research reports. Craig Hallum lowered their target price on Electrovaya from $14.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 4th. Roth Mkm restated a “buy” rating and issued a $8.00 target price on shares of Electrovaya in a research note on Tuesday.

Electrovaya Stock Down 2.1 %

Shares of ELVA opened at $3.66 on Wednesday. Electrovaya has a 52 week low of $2.34 and a 52 week high of $5.50. The company has a quick ratio of 0.61, a current ratio of 0.98 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $124.00 million and a price-to-earnings ratio of 183.09. The stock’s 50-day moving average price is $3.90 and its 200-day moving average price is $3.28.

Hedge Funds Weigh In On Electrovaya

A number of hedge funds have recently bought and sold shares of ELVA. AIGH Capital Management LLC purchased a new position in Electrovaya during the third quarter worth approximately $9,582,000. Worth Venture Partners LLC acquired a new position in shares of Electrovaya during the fourth quarter valued at approximately $2,510,000. Finally, Toronto Dominion Bank acquired a new position in shares of Electrovaya during the third quarter valued at approximately $67,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

About Electrovaya

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.