Hillsdale Investment Management Inc. Makes New Investment in Electrovaya Inc. $ELVA

Hillsdale Investment Management Inc. bought a new position in Electrovaya Inc. (NASDAQ:ELVA) in the 3rd quarter, HoldingsChannel reports. The fund bought 284,700 shares of the company’s stock, valued at approximately $1,677,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Global Retirement Partners LLC bought a new position in Electrovaya during the third quarter worth $46,000. Wilmington Savings Fund Society FSB bought a new stake in Electrovaya during the third quarter valued at $118,000. Calamos Advisors LLC acquired a new stake in shares of Electrovaya during the third quarter worth $419,000. Cibc World Market Inc. bought a new position in shares of Electrovaya in the 3rd quarter worth about $449,000. Finally, AMH Equity Ltd lifted its position in shares of Electrovaya by 100.0% in the 2nd quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock worth $682,000 after buying an additional 100,000 shares during the last quarter. 22.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ELVA shares. Zacks Research raised shares of Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 target price on shares of Electrovaya in a report on Friday, February 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th. Oppenheimer initiated coverage on Electrovaya in a research report on Thursday, December 18th. They set an “outperform” rating and a $14.00 price objective for the company. Finally, Raymond James Financial restated a “strong-buy” rating and set a $9.50 price objective on shares of Electrovaya in a research note on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Electrovaya currently has an average rating of “Moderate Buy” and an average target price of $11.17.

Electrovaya Stock Performance

ELVA opened at $7.30 on Tuesday. The business has a 50 day moving average price of $8.79 and a two-hundred day moving average price of $6.83. Electrovaya Inc. has a 1-year low of $1.80 and a 1-year high of $11.88. The company has a market capitalization of $350.11 million, a price-to-earnings ratio of 60.84, a price-to-earnings-growth ratio of 1.09 and a beta of 1.35. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.02 and a quick ratio of 4.69.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, February 12th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $15.50 million for the quarter, compared to the consensus estimate of $16.71 million. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. Research analysts predict that Electrovaya Inc. 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.