WealthTrust Axiom LLC Raises Stake in Electrovaya Inc. $ELVA

WealthTrust Axiom LLC raised its position in Electrovaya Inc. (NASDAQ:ELVA) by 23.1% in the fourth quarter, Holdings Channel reports. The fund owned 505,854 shares of the company’s stock after buying an additional 94,950 shares during the period. Electrovaya makes up approximately 1.0% of WealthTrust Axiom LLC’s portfolio, making the stock its 26th biggest holding. WealthTrust Axiom LLC’s holdings in Electrovaya were worth $3,996,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its stake in Electrovaya by 4,900.0% in the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,920 shares during the last quarter. Solstein Capital LLC purchased a new position in Electrovaya in the third quarter worth approximately $29,000. TD Waterhouse Canada Inc. lifted its stake in Electrovaya by 737.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after acquiring an additional 8,000 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in Electrovaya in the third quarter worth approximately $74,000. Finally, Wells Fargo & Company MN lifted its stake in Electrovaya by 286.8% in the fourth quarter. Wells Fargo & Company MN now owns 15,510 shares of the company’s stock worth $123,000 after acquiring an additional 11,500 shares during the last quarter. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Analyst Upgrades and Downgrades

ELVA has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Friday, March 27th. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research note on Wednesday, March 18th. HC Wainwright lifted their price target on shares of Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Finally, Roth Mkm reiterated a “buy” rating and issued a $20.00 price target on shares of Electrovaya in a research note on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $14.63.

Electrovaya Price Performance

Shares of NASDAQ:ELVA opened at $9.50 on Monday. The company has a market capitalization of $470.35 million, a PE ratio of 79.17, a P/E/G ratio of 1.23 and a beta of 1.56. The company has a current ratio of 7.66, a quick ratio of 5.93 and a debt-to-equity ratio of 0.54. Electrovaya Inc. has a twelve month low of $3.11 and a twelve month high of $12.78. The firm has a 50 day simple moving average of $9.92 and a 200-day simple moving average of $8.64.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The business 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 predict that Electrovaya Inc. will post 0.14 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.