Electrovaya (NASDAQ:ELVA) Issues Earnings Results, Beats Estimates By $0.01 EPS

Electrovaya (NASDAQ:ELVA) issued its quarterly earnings results on Thursday. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01, Zacks reports. Electrovaya had a negative return on equity of 18.87% and a negative net margin of 3.33%.

Electrovaya Stock Performance

ELVA stock traded up $0.06 during trading on Thursday, hitting $2.44. 82,598 shares of the company traded hands, compared to its average volume of 79,982. Electrovaya has a 1 year low of $1.67 and a 1 year high of $4.24. The company has a market cap of $97.82 million, a PE ratio of -81.33 and a beta of 1.84. The stock’s 50-day simple moving average is $2.50 and its 200 day simple moving average is $2.32. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.03 and a quick ratio of 0.69.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ELVA shares. HC Wainwright reduced their price objective on Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Raymond James set a $4.50 price objective on shares of Electrovaya and gave the company a “strong-buy” rating in a research note on Thursday, January 30th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $6.70.

Electrovaya Company Profile

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.