Electrovaya (NASDAQ:ELVA) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen lowered shares of Electrovaya (NASDAQ:ELVA) from a sell rating to a strong sell rating in a research note published on Saturday,Wall Street Zen reports.

Several other equities research analysts also recently weighed in on the stock. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Oppenheimer lowered their price objective on Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Weiss Ratings upgraded Electrovaya from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. Finally, Roth Capital reissued a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Electrovaya has a consensus rating of “Moderate Buy” and an average target price of $17.50.

Electrovaya Stock Up 6.0%

NASDAQ:ELVA opened at $4.91 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.72 and a current ratio of 7.53. The firm has a market cap of $245.50 million, a P/E ratio of 44.64, a P/E/G ratio of 0.76 and a beta of 1.73. Electrovaya has a fifty-two week low of $4.10 and a fifty-two week high of $12.78. The firm has a 50-day simple moving average of $5.98 and a two-hundred day simple moving average of $8.31.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Monday, August 10th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). The firm had revenue of $17.71 million during the quarter, compared to the consensus estimate of $21.44 million. Electrovaya had a return on equity of 7.96% and a net margin of 6.14%. Analysts predict that Electrovaya will post 0.05 earnings per share for the current fiscal year.

Institutional Trading of Electrovaya

A number of large investors have recently made changes to their positions in ELVA. Farther Finance Advisors LLC raised its holdings in shares of Electrovaya by 1,631.6% during the third quarter. Farther Finance Advisors LLC now owns 4,000 shares of the company’s stock valued at $26,000 after purchasing an additional 3,769 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Electrovaya in the second quarter worth approximately $146,000. Gagnon Securities LLC boosted its holdings in Electrovaya by 24.8% in the third quarter. Gagnon Securities LLC now owns 32,830 shares of the company’s stock worth $214,000 after purchasing an additional 6,523 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Electrovaya by 18.4% in 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, Penn Capital Management Company LLC grew its position in Electrovaya by 21.7% in the 3rd quarter. Penn Capital Management Company LLC now owns 73,554 shares of the company’s stock worth $480,000 after purchasing an additional 13,131 shares during the period. 22.47% of the stock is currently owned by institutional investors.

Electrovaya Company Profile

Electrovaya Inc is a Canadian battery technology and manufacturing company that develops lithium-ion batteries, battery systems and related energy-storage solutions. Its products are designed for applications requiring high energy density, long operating life and enhanced safety.

The company serves industrial and transportation markets, including electric material-handling equipment such as forklifts, as well as electric buses, trucks, trains and other commercial vehicles. Electrovaya also develops battery systems for stationary energy storage and other specialized applications.

Founded in 1996, Electrovaya is headquartered in Mississauga, Ontario, and serves customers in North America and international markets.