Electrovaya (NASDAQ:ELVA) Sees Large Volume Increase – Time to Buy?

Electrovaya Inc. (NASDAQ:ELVA) saw strong trading volume on Thursday . Approximately 1,475,350 shares changed hands during mid-day trading, an increase of 111% from the previous session’s volume of 698,280 shares.The stock last traded at $10.0860 and had previously closed at $11.76.

Wall Street Analysts Forecast Growth

ELVA has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research report on Wednesday, June 24th. HC Wainwright raised their price objective on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Roth Capital reiterated a “buy” rating on shares of Electrovaya in a research note on Wednesday. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.75.

Electrovaya Stock Performance

The company has a debt-to-equity ratio of 0.54, a current ratio of 7.66 and a quick ratio of 5.93. The firm has a market cap of $469.35 million, a price-to-earnings ratio of 79.01, a P/E/G ratio of 1.28 and a beta of 1.62. The firm has a fifty day simple moving average of $10.16 and a two-hundred day simple moving average of $9.25.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $18.05 million for the quarter, compared to the consensus estimate of $17.74 million. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%. On average, analysts expect that Electrovaya Inc. will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Allworth Financial LP raised its holdings in shares of Electrovaya by 4,900.0% in the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after buying an additional 3,920 shares during the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Electrovaya by 737.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock valued at $72,000 after buying an additional 8,000 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Electrovaya during the fourth quarter valued at $79,000. Dimensional Fund Advisors LP acquired a new position in shares of Electrovaya in the 3rd quarter valued at $74,000. Finally, Regal Investment Advisors LLC acquired a new position in shares of Electrovaya in the 4th quarter valued at $102,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Company Profile

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.