Electrovaya Inc. (NASDAQ:ELVA) Receives $10.13 Consensus Price Target from Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been given an average rating of “Moderate Buy” by the six brokerages that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $10.1250.

ELVA has been the topic of several research reports. Raymond James Financial reaffirmed a “strong-buy” rating and set a $9.50 price target on shares of Electrovaya in a report on Thursday, December 11th. Oppenheimer assumed coverage on shares of Electrovaya in a research note on Thursday, December 18th. They set an “outperform” rating and a $14.00 target price on the stock. Zacks Research upgraded shares of 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 report on Monday, December 29th. Finally, Roth Mkm set a $7.00 price objective on Electrovaya in a research report on Thursday, December 11th.

Electrovaya Price Performance

Electrovaya stock opened at $10.83 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.93 and a current ratio of 4.16. Electrovaya has a 52 week low of $1.80 and a 52 week high of $11.46. The stock has a market capitalization of $519.41 million, a P/E ratio of 120.35 and a beta of 1.37. The stock has a fifty day moving average of $7.68 and a 200-day moving average of $6.32.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings data on Wednesday, December 10th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01. The business had revenue of $20.51 million for the quarter, compared to analyst estimates of $20.26 million. Electrovaya had a return on equity of 14.21% and a net margin of 5.27%. On average, sell-side analysts expect that Electrovaya will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Several hedge funds have recently added to or reduced their stakes in ELVA. Solstein Capital LLC bought a new stake in Electrovaya during the 3rd quarter worth approximately $29,000. Global Retirement Partners LLC acquired a new position in shares of Electrovaya during the third quarter worth $46,000. TD Waterhouse Canada Inc. grew its stake in shares of Electrovaya by 737.3% in 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 during the last quarter. Dimensional Fund Advisors LP acquired a new stake in Electrovaya in the third quarter valued at $74,000. Finally, Millennium Management LLC acquired a new stake in Electrovaya in the third quarter valued at $95,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

About Electrovaya

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.