Electrovaya (NASDAQ:ELVA) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Electrovaya (NASDAQ:ELVA) from a hold rating to a sell rating in a research note released on Saturday morning.

ELVA has been the subject of a number of other reports. HC Wainwright lifted their target price on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Roth Capital reiterated a “buy” rating on shares of Electrovaya in a research note on Wednesday, July 15th. Oppenheimer reduced their price target on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.50.

Electrovaya Stock Performance

ELVA stock opened at $7.70 on Friday. The stock has a 50-day moving average price of $9.21 and a 200-day moving average price of $9.16. Electrovaya has a 1-year low of $4.10 and a 1-year high of $12.78. The company has a current ratio of 7.53, a quick ratio of 5.72 and a debt-to-equity ratio of 0.60. The firm has a market cap of $381.20 million, a PE ratio of 70.01, a price-to-earnings-growth ratio of 1.62 and a beta of 1.69.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. The business had revenue of $17.71 million during the quarter, compared to analyst estimates of $21.44 million. As a group, equities research analysts expect that Electrovaya will post 0.08 earnings per share for the current year.

Hedge Funds Weigh In On Electrovaya

Large investors have recently added to or reduced their stakes in the business. Triasima Portfolio Management inc. bought a new position in shares of Electrovaya in the fourth quarter valued at approximately $1,285,000. Huntleigh Advisors Inc. purchased a new stake in Electrovaya in the 4th quarter valued at $1,182,000. Lazard Asset Management LLC raised its position in Electrovaya by 188.9% in the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock valued at $1,951,000 after buying an additional 163,082 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Electrovaya during the 4th quarter valued at $700,000. Finally, Thompson Siegel & Walmsley LLC bought a new position in Electrovaya during the 4th quarter valued at $4,976,000. Institutional investors 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.