Electrovaya Inc. (NASDAQ:ELVA) Stock Has Average Target Price of $17.50 According to Brokerages

Electrovaya Inc. (NASDAQ:ELVA) has received an average recommendation of “Moderate Buy” from the six analysts that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered 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. Wall Street Zen lowered Electrovaya from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Oppenheimer lowered their price target on Electrovaya from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research note on Monday, September 21st. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a research note on Thursday, July 16th.

Hedge Funds Weigh In On Electrovaya

Several institutional investors and hedge funds have recently bought and sold shares of ELVA. Squarepoint Ops LLC purchased a new position in Electrovaya during the second quarter worth approximately $146,000. Dimensional Fund Advisors LP increased its holdings 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 worth $451,000 after buying an additional 8,983 shares during the last quarter. 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. Lazard Asset Management LLC increased its holdings in shares of Electrovaya by 188.9% during the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock worth $1,951,000 after buying an additional 163,082 shares during the last quarter. Finally, WealthTrust Axiom LLC raised its position in shares of Electrovaya by 23.1% in the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock worth $3,996,000 after buying an additional 94,950 shares during the period. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Stock Down 2.0%

ELVA stock opened at $6.37 on Monday. The stock has a market capitalization of $318.50 million, a P/E ratio of 57.91, a PEG ratio of 0.51 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 has a one year low of $4.10 and a one year high of $12.78. The company has a 50 day moving average price of $7.10 and a two-hundred day moving average price of $8.67.

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 expect that Electrovaya will post 0.06 EPS for the current year.

Electrovaya Company Profile

Electrovaya Inc is a Canadian battery technology company that develops and manufactures lithium-ion batteries, battery systems and related energy-storage solutions. Its technologies are designed to provide high energy density, long cycle life and enhanced safety for applications that require reliable rechargeable power.

The company’s products serve markets including electric material-handling equipment, such as industrial forklifts, as well as electric mobility, transportation and stationary energy storage.