Electrovaya (NASDAQ:ELVA) Stock Price Up 11.9% – Here’s What Happened

Electrovaya Inc. (NASDAQ:ELVA) shares shot up 11.9% on Tuesday . The company traded as high as $10.08 and last traded at $10.2470. Approximately 603,662 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 718,279 shares. The stock had previously closed at $9.16.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ELVA. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a report on Wednesday, June 24th. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Roth Capital reissued a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Finally, HC Wainwright boosted their target price on shares of Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $17.75.

Electrovaya Trading Down 10.8%

The business has a 50-day moving average of $10.09 and a 200 day moving average of $9.30. The stock has a market cap of $450.05 million, a PE ratio of 75.76, a PEG ratio of 1.36 and a beta of 1.62. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, May 14th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $18.05 million during the quarter, compared to analysts’ expectations of $17.74 million. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%. Equities research analysts predict that Electrovaya Inc. will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

A number of large investors have recently modified their holdings of the stock. Mink Brook Asset Management LLC increased its position in shares of Electrovaya by 4.4% during the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock worth $1,347,000 after acquiring an additional 16,713 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in Electrovaya during the 3rd quarter worth approximately $74,000. First Trust Advisors LP purchased a new stake in Electrovaya during the 3rd quarter worth approximately $468,000. Russell Investments Group Ltd. acquired a new position in shares of Electrovaya in the 3rd quarter valued at approximately $887,000. Finally, Virtu Financial LLC acquired a new position in shares of Electrovaya in the 3rd quarter valued at approximately $96,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

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.