Mitsubishi UFJ Asset Management Co. Ltd. Takes Position in Electrovaya Inc. $ELVA

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Electrovaya Inc. (NASDAQ:ELVA) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 88,419 shares of the company’s stock, valued at approximately $700,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Triasima Portfolio Management inc. purchased a new stake in Electrovaya in the fourth quarter valued at $1,285,000. Conestoga Capital Advisors LLC purchased a new position in shares of Electrovaya during the fourth quarter worth about $2,080,000. Huntleigh Advisors Inc. acquired a new stake in shares of Electrovaya during the fourth quarter worth about $1,182,000. TD Waterhouse Canada Inc. increased its position in shares of Electrovaya by 737.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Electrovaya in the 4th quarter valued at about $379,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Stock Down 7.4%

ELVA opened at $10.38 on Wednesday. Electrovaya Inc. has a 52 week low of $2.67 and a 52 week high of $11.88. The business has a 50 day moving average price of $8.63 and a two-hundred day moving average price of $7.79. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48. The company has a market cap of $513.91 million, a PE ratio of 86.51, a P/E/G ratio of 1.40 and a beta of 1.44.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $15.50 million for the quarter, compared to the consensus estimate of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. As a group, research analysts anticipate that Electrovaya Inc. will post 0.15 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ELVA shares. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research report on Friday, March 27th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. Finally, Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Electrovaya in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.17.

Electrovaya Profile

Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company’s core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya’s product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.

In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.