Electrovaya (NASDAQ:ELVA) Stock Price Down 1.4% – What’s Next?

Shares of Electrovaya Inc. (NASDAQ:ELVA) dropped 1.4% during mid-day trading on Thursday. The stock traded as low as $6.38 and last traded at $6.43. Approximately 287,567 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 319,663 shares. The stock had previously closed at $6.52.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ELVA. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Wall Street Zen lowered Electrovaya from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Roth Capital restated a “buy” rating on shares of Electrovaya in a research note on Wednesday, July 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a report on Monday, September 21st. Finally, Oppenheimer lowered their price objective on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.50.

Electrovaya Trading Up 3.1%

The company has a market cap of $331.49 million, a price-to-earnings ratio of 60.28, a P/E/G ratio of 0.51 and a beta of 1.64. The business has a fifty day simple moving average of $7.19 and a 200 day simple moving average of $8.69. The company has a quick ratio of 5.72, a current ratio of 7.53 and a debt-to-equity ratio of 0.60.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). Electrovaya had a return on equity of 7.96% and a net margin of 6.14%.The company had revenue of $17.71 million for the quarter, compared to analyst estimates of $21.44 million. On average, equities analysts anticipate that Electrovaya Inc. will post 0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. WealthTrust Axiom LLC grew its holdings in shares of Electrovaya by 23.1% in the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock worth $3,996,000 after acquiring an additional 94,950 shares during the period. Lazard Asset Management LLC increased its stake 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 purchasing an additional 163,082 shares in the last quarter. Granahan Investment Management LLC raised its holdings in Electrovaya by 2.7% during the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock worth $1,566,000 after purchasing an additional 5,234 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Electrovaya by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock worth $451,000 after purchasing an additional 8,983 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in Electrovaya during the second quarter worth $146,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Company Profile

Electrovaya Inc is a Canadian battery technology company that develops and manufactures lithium-ion batteries, battery modules and complete battery systems. Its products are designed to provide high energy density, long cycle life and enhanced safety for applications that require reliable, rechargeable power.

The company primarily serves the material-handling and industrial-vehicle markets, including electric forklifts and other warehouse equipment. Electrovaya also develops battery solutions for robotics, electric mobility, commercial transportation and stationary energy storage.