Electrovaya (NASDAQ:ELVA) Sets New 1-Year High – Here’s Why

Electrovaya Inc. (NASDAQ:ELVA) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $11.79 and last traded at $11.37, with a volume of 126169 shares traded. The stock had previously closed at $11.23.

Analyst Ratings Changes

Several brokerages have recently issued reports on ELVA. Oppenheimer assumed coverage on Electrovaya in a research report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Zacks Research raised Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Raymond James Financial reiterated a “strong-buy” rating and set a $9.50 price target on shares of Electrovaya in a report on Thursday, December 11th. Finally, Roth Mkm set a $7.00 price objective on shares of Electrovaya in a research note on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.13.

Electrovaya Trading Down 10.8%

The business’s 50 day moving average price is $8.04 and its 200-day moving average price is $6.47. The company has a market cap of $394.50 million, a price-to-earnings ratio of 91.90 and a beta of 1.36. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.93 and a current ratio of 4.16.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Wednesday, December 10th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $20.51 million for the quarter, compared to analysts’ expectations of $20.26 million. Electrovaya had a net margin of 5.27% and a return on equity of 14.21%. On average, research analysts forecast that Electrovaya Inc. will post 0.1 EPS for the current year.

Institutional Trading of Electrovaya

Several institutional investors have recently bought and sold shares of ELVA. Solstein Capital LLC bought a new position in shares of Electrovaya during the third quarter valued at $29,000. Allworth Financial LP grew its holdings in shares of Electrovaya by 4,900.0% in the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,920 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Electrovaya during the 3rd quarter worth about $46,000. TD Waterhouse Canada Inc. lifted its holdings in Electrovaya by 737.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock valued at $72,000 after purchasing an additional 8,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in Electrovaya in the third quarter valued at about $74,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

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.