Brokerages 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 brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $17.50.

A number of brokerages have recently commented on ELVA. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a research report on Wednesday, July 15th. Oppenheimer reduced their target price on Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research note on Thursday, July 16th. Wall Street Zen cut Electrovaya from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th.

Electrovaya Stock Down 0.2%

Shares of NASDAQ ELVA opened at $6.19 on Thursday. Electrovaya has a 1 year low of $4.10 and a 1 year high of $12.78. The firm’s 50 day moving average price is $7.83 and its 200 day moving average price is $8.82. The firm has a market cap of $306.47 million, a P/E ratio of 56.28, a price-to-earnings-growth ratio of 1.85 and a beta of 1.64. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.72 and a current ratio of 7.53.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02). Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. The business had revenue of $17.71 million during the quarter, compared to analyst estimates of $21.44 million. As a group, sell-side analysts anticipate that Electrovaya will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors have recently bought and sold shares of the stock. Allworth Financial LP raised its stake in Electrovaya by 4,900.0% during the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,920 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of Electrovaya during the 2nd quarter valued at $146,000. Dimensional Fund Advisors LP grew its stake in shares of Electrovaya by 18.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock valued at $451,000 after buying an additional 8,983 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Electrovaya during the 4th quarter worth $700,000. Finally, Granahan Investment Management LLC increased its holdings in shares of Electrovaya by 2.7% during the 1st quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock worth $1,566,000 after buying an additional 5,234 shares during the last quarter. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

About Electrovaya

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.