Research Analysts Issue Forecasts for Electrovaya Inc.’s Q3 2024 Earnings (NASDAQ:ELVA)

Electrovaya Inc. (NASDAQ:ELVA) – Analysts at Roth Capital cut their Q3 2024 earnings per share estimates for shares of Electrovaya in a note issued to investors on Tuesday, March 26th. Roth Capital analyst C. Irwin now forecasts that the company will post earnings of $0.05 per share for the quarter, down from their previous estimate of $0.07. Roth Capital has a “Buy” rating on the stock. The consensus estimate for Electrovaya’s current full-year earnings is $0.18 per share. Roth Capital also issued estimates for Electrovaya’s Q4 2024 earnings at $0.11 EPS.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Tuesday, February 13th. The company reported ($0.03) earnings per share for the quarter. The business had revenue of $12.09 million during the quarter, compared to analyst estimates of $12.63 million. Electrovaya had a net margin of 1.79% and a return on equity of 12.44%.

A number of other analysts also recently commented on ELVA. Roth Mkm restated a “buy” rating and set a $8.00 price objective on shares of Electrovaya in a report on Tuesday. Craig Hallum dropped their price objective on Electrovaya from $14.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 4th.

Electrovaya Trading Down 2.1 %

ELVA stock opened at $3.66 on Wednesday. The company has a market cap of $124.00 million and a price-to-earnings ratio of 183.09. The company has a quick ratio of 0.61, a current ratio of 0.98 and a debt-to-equity ratio of 0.30. The business has a fifty day simple moving average of $3.90 and a 200-day simple moving average of $3.28. Electrovaya has a 52 week low of $2.34 and a 52 week high of $5.50.

Institutional Trading of Electrovaya

Several large investors have recently added to or reduced their stakes in ELVA. AIGH Capital Management LLC acquired a new stake in Electrovaya in the 3rd quarter valued at $9,582,000. Worth Venture Partners LLC purchased a new position in Electrovaya in the 4th quarter valued at about $2,510,000. Finally, Toronto Dominion Bank purchased a new position in Electrovaya in the 3rd quarter valued at about $67,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Company Profile

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.