Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) PT at $17.50

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been given an average rating of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $17.50.

Several brokerages have issued reports on ELVA. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Oppenheimer reduced their price objective on Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research report on Wednesday, June 24th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a report on Thursday, July 16th. Finally, Wall Street Zen downgraded shares of Electrovaya from a “hold” rating to a “sell” rating in a report on Saturday, August 15th.

Institutional Trading of Electrovaya

A number of hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP increased its holdings in shares of Electrovaya by 4,900.0% during the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after buying an additional 3,920 shares during the last quarter. Granahan Investment Management LLC grew its position in Electrovaya by 2.7% in the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock valued at $1,566,000 after acquiring an additional 5,234 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Electrovaya by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock valued at $451,000 after purchasing an additional 8,983 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Electrovaya during the second quarter worth $146,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Electrovaya in the fourth quarter valued at $700,000. 22.47% of the stock is owned by institutional investors and hedge funds.

Electrovaya Stock Performance

NASDAQ:ELVA opened at $6.38 on Thursday. The firm’s fifty day simple moving average is $7.94 and its 200-day simple moving average is $8.85. The stock has a market cap of $315.87 million, a PE ratio of 58.01, a price-to-earnings-growth ratio of 1.91 and a beta of 1.64. Electrovaya has a fifty-two week low of $4.10 and a fifty-two week high of $12.78. The company has a quick ratio of 5.72, a current ratio of 7.53 and a debt-to-equity ratio of 0.60.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Monday, August 10th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). Electrovaya had a return on equity of 7.96% and a net margin of 6.14%.The firm had revenue of $17.71 million for the quarter, compared to analysts’ expectations of $21.44 million. Analysts expect that Electrovaya will post 0.06 earnings per share for the current fiscal year.

Electrovaya Company Profile

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

The company primarily serves the material-handling and industrial-vehicle markets, including electric forklifts and other warehouse equipment. Electrovaya also develops battery solutions for robotics, electric mobility, commercial transportation and stationary energy storage.