Lazard Asset Management LLC Has $1.95 Million Stock Holdings in Electrovaya Inc. $ELVA

Lazard Asset Management LLC boosted its holdings in shares of Electrovaya Inc. (NASDAQ:ELVA) by 188.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 249,429 shares of the company’s stock after acquiring an additional 163,082 shares during the quarter. Lazard Asset Management LLC’s holdings in Electrovaya were worth $1,951,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ELVA. Allworth Financial LP raised its stake in shares of Electrovaya by 4,900.0% during the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,920 shares during the last quarter. 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. NewEdge Advisors LLC acquired a new stake in Electrovaya in the fourth quarter valued at $79,000. Finally, Millennium Management LLC bought a new position in Electrovaya during the 3rd quarter worth $95,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ELVA has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a report on Wednesday, June 24th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research note on Thursday, July 16th. Roth Capital restated a “buy” rating on shares of Electrovaya in a research report on Wednesday, July 15th. Finally, HC Wainwright lifted their price objective on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Electrovaya Stock Performance

ELVA opened at $8.22 on Monday. Electrovaya Inc. has a twelve month low of $4.10 and a twelve month high of $12.78. The company has a fifty day moving average of $9.82 and a 200-day moving average of $9.28. The stock has a market cap of $406.97 million, a PE ratio of 68.51, a price-to-earnings-growth ratio of 1.10 and a beta of 1.69. The company has a quick ratio of 5.93, a current ratio of 7.66 and a debt-to-equity ratio of 0.54.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $18.05 million for the quarter, compared to analyst estimates of $17.74 million. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%. On average, sell-side analysts predict that Electrovaya Inc. will post 0.14 EPS for the current year.

Electrovaya Company 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.