Analysts Set Electrovaya Inc. (NASDAQ:ELVA) Target Price at $17.50

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $17.50.

Several equities analysts have weighed in on ELVA shares. Wall Street Zen downgraded shares of Electrovaya from a “hold” rating to a “sell” rating in a report on Saturday. HC Wainwright lifted their target price on shares of Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. Roth Capital restated a “buy” rating on shares of Electrovaya in a research report on Wednesday, July 15th. Finally, Oppenheimer dropped their price objective on Electrovaya from $14.00 to $13.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th.

Electrovaya Stock Performance

Shares of ELVA opened at $7.50 on Friday. The business has a 50-day simple moving average of $9.16 and a two-hundred day simple moving average of $9.14. 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 has a 52 week low of $4.10 and a 52 week high of $12.78. The stock has a market cap of $371.32 million, a price-to-earnings ratio of 68.19, a PEG ratio of 1.62 and a beta of 1.69.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data 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). The company had revenue of $17.71 million for the quarter, compared to analysts’ expectations of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. On average, analysts expect that Electrovaya will post 0.08 EPS for the current year.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors have recently added to or reduced their stakes in ELVA. Allworth Financial LP lifted 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 in the last quarter. Granahan Investment Management LLC increased its holdings in Electrovaya by 2.7% in the 1st quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock valued at $1,566,000 after acquiring an additional 5,234 shares during the last quarter. TD Waterhouse Canada Inc. lifted its stake in Electrovaya by 737.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after purchasing an additional 8,000 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Electrovaya by 10.3% during the 4th quarter. Lazard Asset Management LLC now owns 86,347 shares of the company’s stock valued at $682,000 after purchasing an additional 8,090 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Electrovaya by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock valued at $451,000 after purchasing an additional 8,983 shares in the last quarter. 22.47% of the stock is 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.