Electrovaya Inc. (NASDAQ:ELVA) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been assigned an average rating of “Moderate Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $17.50.

ELVA has been the topic of several recent analyst reports. Roth Capital reissued a “buy” rating on shares of Electrovaya in a research note on Wednesday, July 15th. HC Wainwright upped their target price on shares of Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a report on Wednesday, June 24th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Finally, Oppenheimer decreased their price target on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC grew its stake in Electrovaya by 188.9% in the first quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock valued at $1,951,000 after acquiring an additional 163,082 shares during the period. Granahan Investment Management LLC raised its position in shares of Electrovaya by 2.7% during the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock worth $1,566,000 after purchasing an additional 5,234 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Electrovaya by 18.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock valued at $451,000 after purchasing an additional 8,983 shares in the last quarter. NewEdge Advisors LLC bought a new position in shares of Electrovaya during the 4th quarter valued at about $79,000. Finally, XTX Topco Ltd grew its position in shares of Electrovaya by 201.2% in the 4th quarter. XTX Topco Ltd now owns 101,056 shares of the company’s stock valued at $798,000 after purchasing an additional 67,504 shares during the period. 22.47% of the stock is currently owned by institutional investors.

Electrovaya Stock Performance

NASDAQ ELVA opened at $6.64 on Friday. The company has a current ratio of 7.53, a quick ratio of 5.72 and a debt-to-equity ratio of 0.60. Electrovaya has a 1-year low of $4.10 and a 1-year high of $12.78. The company has a 50 day moving average of $9.00 and a 200-day moving average of $9.07. The firm has a market cap of $328.75 million, a price-to-earnings ratio of 60.37, a PEG ratio of 1.35 and a beta of 1.69.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Monday, August 10th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02). The company had revenue of $17.71 million during the quarter, compared to analyst estimates of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. On average, equities analysts forecast that Electrovaya will post 0.08 earnings per share 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.