Roth Mkm Reiterates “Buy” Rating for Electrovaya (NASDAQ:ELVA)

Roth Mkm restated their buy rating on shares of Electrovaya (NASDAQ:ELVA) in a research report released on Tuesday morning, Benzinga reports. The firm currently has a $8.00 price objective on the stock.

A number of other equities research analysts have also recently commented on the stock. Roth Capital reiterated a buy rating on shares of Electrovaya in a report on Wednesday, March 6th. Craig Hallum cut their price target on shares of Electrovaya from $14.00 to $10.00 and set a buy rating on the stock in a report on Thursday, January 4th.

Electrovaya Price Performance

Shares of ELVA opened at $3.66 on Tuesday. The stock has a market cap of $124.00 million and a PE ratio of 183.09. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.61 and a current ratio of 0.98. Electrovaya has a fifty-two week low of $2.34 and a fifty-two week high of $5.50. The firm’s 50-day simple moving average is $3.90 and its two-hundred day simple moving average is $3.28.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings results on Tuesday, February 13th. The company reported ($0.03) EPS 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 for the quarter, compared to analysts’ expectations of $12.63 million. Analysts anticipate that Electrovaya will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELVA. AIGH Capital Management LLC bought a new position in Electrovaya during the third quarter valued at approximately $9,582,000. Toronto Dominion Bank bought a new position in Electrovaya during the third quarter valued at approximately $67,000. Finally, Worth Venture Partners LLC bought a new position in Electrovaya during the fourth quarter valued at approximately $2,510,000. 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.