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

Electrovaya Inc. (NASDAQ:ELVA) has earned an average recommendation of “Moderate Buy” from the six analysts that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $14.6250.

ELVA has been the topic of a number of recent analyst reports. Roth Mkm reiterated a “buy” rating and set a $20.00 target price on shares of Electrovaya in a research report on Friday. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. HC Wainwright boosted their price target on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research report on Friday, March 27th.

Institutional Investors Weigh In On Electrovaya

A number of large investors have recently modified their holdings of ELVA. Solstein Capital LLC purchased a new stake in shares of Electrovaya during the third quarter worth $29,000. Allworth Financial LP grew its holdings in shares of Electrovaya by 4,900.0% during the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after buying an additional 3,920 shares in the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Electrovaya by 737.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after buying an additional 8,000 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Electrovaya during the third quarter worth $74,000. Finally, NewEdge Advisors LLC purchased a new stake in shares of Electrovaya during the fourth quarter worth $79,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Electrovaya Trading Up 0.1%

Shares of NASDAQ:ELVA opened at $10.35 on Tuesday. Electrovaya has a 1 year low of $3.11 and a 1 year high of $12.78. The firm has a market capitalization of $512.43 million, a price-to-earnings ratio of 86.26, a price-to-earnings-growth ratio of 1.34 and a beta of 1.56. The company has a debt-to-equity ratio of 0.54, a current ratio of 7.66 and a quick ratio of 5.93. The business’s 50 day moving average price is $9.77 and its 200-day moving average price is $8.49.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%.The firm had revenue of $18.05 million for the quarter, compared to analyst estimates of $17.74 million. On average, equities research analysts forecast that Electrovaya will post 0.14 earnings per share for the current fiscal year.

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.