Electrovaya (NASDAQ:ELVA) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Electrovaya (NASDAQ:ELVA) from a sell rating to a strong sell rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Other equities analysts have also issued reports about the company. Oppenheimer reduced their price target on Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Roth Capital reissued a “buy” rating on shares of Electrovaya in a research note on Wednesday, July 15th. Weiss Ratings raised Electrovaya from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $17.50.

Electrovaya Stock Up 7.5%

Shares of NASDAQ:ELVA opened at $5.28 on Friday. The stock’s 50-day moving average price is $5.96 and its 200-day moving average price is $8.28. Electrovaya has a 12-month low of $4.10 and a 12-month high of $12.78. The stock has a market capitalization of $264 million, a P/E ratio of 48.00, a price-to-earnings-growth ratio of 0.78 and a beta of 1.73. The company has a current ratio of 7.53, a quick ratio of 5.72 and a debt-to-equity ratio of 0.60.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Monday, August 10th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). The company had revenue of $17.71 million during the quarter, compared to the consensus estimate of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. On average, equities analysts anticipate that Electrovaya will post 0.05 earnings per share for the current year.

Institutional Trading of Electrovaya

Several large investors have recently modified their holdings of ELVA. Aberdeen Group plc purchased a new position in Electrovaya during the 3rd quarter valued at about $3,472,000. Conestoga Capital Advisors LLC lifted its holdings in Electrovaya by 23.4% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 404,870 shares of the company’s stock worth $2,640,000 after buying an additional 76,770 shares during the period. Penbrook Management LLC grew its position in shares of Electrovaya by 16.4% in the 3rd quarter. Penbrook Management LLC now owns 379,606 shares of the company’s stock worth $2,487,000 after buying an additional 53,375 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of Electrovaya by 188.9% in the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock worth $1,951,000 after buying an additional 163,082 shares during the last quarter. Finally, Granahan Investment Management LLC increased its stake in shares of Electrovaya by 2.7% during the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company’s stock valued at $1,566,000 after buying an additional 5,234 shares during the period. 22.47% of the stock is owned by institutional investors.

Electrovaya Company Profile

Electrovaya Inc is a Canadian battery technology and manufacturing company that develops lithium-ion batteries, battery systems and related energy-storage solutions. Its products are designed for applications requiring high energy density, long operating life and enhanced safety.

The company serves industrial and transportation markets, including electric material-handling equipment such as forklifts, as well as electric buses, trucks, trains and other commercial vehicles. Electrovaya also develops battery systems for stationary energy storage and other specialized applications.

Founded in 1996, Electrovaya is headquartered in Mississauga, Ontario, and serves customers in North America and international markets.