Electrovaya Inc. (NASDAQ:ELVA) Given Consensus Rating of “Moderate Buy” by Brokerages

Electrovaya Inc. (NASDAQ:ELVA) has been assigned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $14.6250.

Several equities research analysts recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a report on Wednesday, June 24th. Roth Mkm restated a “buy” rating and set a $20.00 price objective on shares of Electrovaya in a research note on Friday, June 5th. HC Wainwright lifted their price objective on shares of Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research note on Wednesday, March 18th.

Electrovaya Stock Performance

Shares of ELVA opened at $9.70 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66. The stock has a 50 day moving average price of $10.28 and a two-hundred day moving average price of $9.12. The firm has a market capitalization of $480.25 million, a P/E ratio of 80.84, a P/E/G ratio of 1.26 and a beta of 1.62. Electrovaya has a 52 week low of $3.11 and a 52 week high of $12.78.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Thursday, May 14th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $18.05 million for the quarter, compared to analyst estimates of $17.74 million. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%. Equities analysts forecast that Electrovaya will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Solstein Capital LLC bought a new stake in Electrovaya in the 3rd quarter worth about $29,000. Allworth Financial LP lifted its position in shares of Electrovaya by 4,900.0% during the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after buying an additional 3,920 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in shares of Electrovaya by 737.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after buying an additional 8,000 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Electrovaya during the 3rd quarter worth approximately $74,000. Finally, NewEdge Advisors LLC purchased a new position in shares of Electrovaya in the 4th quarter worth approximately $79,000. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

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.