HC Wainwright Reiterates Buy Rating for Electrovaya (NASDAQ:ELVA)

Electrovaya (NASDAQ:ELVAGet Free Report)‘s stock had its “buy” rating reissued by HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They presently have a $16.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 416.13% from the company’s previous close.

ELVA has been the topic of a number of other reports. Roth Mkm reissued a “buy” rating and issued a $8.00 price objective on shares of Electrovaya in a research report on Wednesday. Roth Capital restated a “buy” rating on shares of Electrovaya in a research report on Wednesday, March 6th.

Read Our Latest Report on ELVA

Electrovaya Trading Down 1.9 %

NASDAQ ELVA traded down $0.06 during trading on Wednesday, hitting $3.10. The stock had a trading volume of 18,176 shares, compared to its average volume of 41,298. The company has a market capitalization of $105.03 million and a PE ratio of 156.08. Electrovaya has a twelve month low of $2.34 and a twelve month high of $5.50. 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 firm has a 50 day moving average price of $3.48 and a 200 day moving average price of $3.39.

Electrovaya (NASDAQ:ELVAGet Free Report) last released its earnings results on Tuesday, February 13th. The company reported ($0.03) earnings per share (EPS) for the quarter. The business had revenue of $12.09 million for the quarter, compared to analyst estimates of $12.63 million. Electrovaya had a return on equity of 12.44% and a net margin of 1.79%. As a group, equities research analysts forecast that Electrovaya will post 0.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. AIGH Capital Management LLC acquired a new position in shares of Electrovaya in the 3rd quarter valued at $9,582,000. Worth Venture Partners LLC purchased a new stake in shares of Electrovaya in the fourth quarter valued at about $2,510,000. Finally, Toronto Dominion Bank acquired a new stake in shares of Electrovaya during the third quarter worth about $67,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Electrovaya Company Profile

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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.

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