Electrovaya Inc. (NASDAQ:ELVA) Given Average Rating of “Moderate Buy” by Analysts

Electrovaya Inc. (NASDAQ:ELVA) has earned an average rating of “Moderate Buy” from the five brokerages that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $11.1667.

A number of equities analysts have weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Roth Mkm reiterated a “buy” rating and set a $10.00 price target on shares of Electrovaya in a research report on Friday, February 13th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. Finally, Oppenheimer began coverage on shares of Electrovaya in a research note on Thursday, December 18th. They issued an “outperform” rating and a $14.00 target price on the stock.

Institutional Trading of Electrovaya

Several institutional investors and hedge funds have recently made changes to their positions in the stock. WealthTrust Axiom LLC lifted its holdings in shares of Electrovaya by 5.5% during the 2nd quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock worth $1,417,000 after acquiring an additional 21,525 shares during the last quarter. Mink Brook Asset Management LLC increased its stake in Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after acquiring an additional 16,713 shares during the last quarter. Calamos Advisors LLC purchased a new stake in Electrovaya during the third quarter valued at about $419,000. Global Retirement Partners LLC purchased a new stake in Electrovaya during the third quarter valued at about $46,000. Finally, Caldwell Investment Management Ltd. bought a new stake in Electrovaya during the third quarter worth about $2,424,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Electrovaya Stock Up 5.8%

Shares of NASDAQ:ELVA opened at $7.66 on Thursday. The firm has a fifty day moving average price of $8.80 and a two-hundred day moving average price of $7.20. The company has a market cap of $367.40 million, a price-to-earnings ratio of 63.84, a PEG ratio of 0.90 and a beta of 1.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.02 and a quick ratio of 4.69. Electrovaya has a one year low of $2.25 and a one year high of $11.88.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $15.50 million for the quarter, compared to analysts’ expectations of $16.71 million. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. Analysts anticipate that Electrovaya will post 0.1 EPS for the current fiscal year.

Electrovaya Company Profile

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.