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

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $9.10.

A number of equities research analysts have recently issued reports on the stock. Roth Capital set a $7.00 price objective on shares of Electrovaya in a research note on Thursday, December 11th. Oppenheimer started coverage on shares of Electrovaya in a research report on Thursday, December 18th. They set an “outperform” rating and a $14.00 price target for the company. Wall Street Zen lowered Electrovaya from a “buy” rating to a “hold” rating in a research note on Sunday, September 28th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a report on Monday, December 29th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $9.50 price target on shares of Electrovaya in a research report on Thursday, December 11th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Herald Investment Management Ltd boosted its position in Electrovaya by 7.2% during the 2nd quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock valued at $4,314,000 after buying an additional 85,000 shares during the period. Penbrook Management LLC boosted its holdings in shares of Electrovaya by 69.1% during the second quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after purchasing an additional 125,896 shares during the period. AMH Equity Ltd grew its stake in shares of Electrovaya by 100.0% in the second quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock worth $682,000 after purchasing an additional 100,000 shares during the last quarter. WealthTrust Axiom LLC increased its holdings in Electrovaya by 5.5% during the 2nd quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock valued at $1,417,000 after purchasing an additional 21,525 shares during the period. Finally, Mink Brook Asset Management LLC raised its position in Electrovaya by 4.4% during the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after purchasing an additional 16,713 shares during the last quarter. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Price Performance

Shares of Electrovaya stock opened at $8.85 on Friday. The firm has a market capitalization of $420.46 million, a PE ratio of 98.34 and a beta of 1.37. The company has a current ratio of 4.16, a quick ratio of 2.93 and a debt-to-equity ratio of 0.71. Electrovaya has a 12 month low of $1.80 and a 12 month high of $9.12. The business’s 50-day moving average price is $6.16 and its 200-day moving average price is $5.62.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Wednesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $20.51 million during the quarter, compared to analyst estimates of $20.26 million. Electrovaya had a return on equity of 14.21% and a net margin of 5.27%. Sell-side analysts forecast that Electrovaya will post 0.1 EPS 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.