Electrovaya (NASDAQ:ELVA) Issues Quarterly Earnings Results

Electrovaya (NASDAQ:ELVA) released its earnings results on Wednesday. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01, Zacks reports. Electrovaya had a return on equity of 6.66% and a net margin of 2.19%.

Electrovaya Stock Performance

ELVA remained flat at $5.38 during trading on Wednesday. 809,169 shares of the company’s stock traded hands, compared to its average volume of 255,252. The stock has a market cap of $255.60 million, a P/E ratio of 179.39 and a beta of 1.66. Electrovaya has a 52 week low of $1.80 and a 52 week high of $7.72. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91. The business’s fifty day simple moving average is $5.70 and its 200 day simple moving average is $4.97.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ELVA. Bank of America Corp DE raised its stake in Electrovaya by 76,081.0% in the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock valued at $1,795,000 after buying an additional 304,324 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Electrovaya in the 3rd quarter valued at approximately $887,000. First Trust Advisors LP acquired a new stake in Electrovaya in the 3rd quarter worth approximately $468,000. Lazard Asset Management LLC purchased a new stake in Electrovaya during the 3rd quarter worth approximately $461,000. Finally, Raymond James Financial Inc. grew its position in Electrovaya by 5,575.3% during the 3rd quarter. Raymond James Financial Inc. now owns 67,536 shares of the company’s stock worth $398,000 after purchasing an additional 66,346 shares during the last quarter. 22.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ELVA shares. Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Electrovaya in a research report on Monday. Finally, Wall Street Zen cut shares of Electrovaya from a “buy” rating to a “hold” rating in a research report on Sunday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Electrovaya has a consensus rating of “Moderate Buy” and an average target price of $6.50.

About Electrovaya

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.