Electrovaya’s (ELVA) “Buy” Rating Reaffirmed at Roth Mkm

Roth Mkm reaffirmed their buy rating on shares of Electrovaya (NASDAQ:ELVA) in a report published on Tuesday, Benzinga reports. They currently have a $8.00 price target on the stock.

Other analysts also recently issued reports about the stock. Craig Hallum dropped their target price on shares of Electrovaya from $14.00 to $10.00 and set a buy rating on the stock in a report on Thursday, January 4th. Roth Capital reiterated a buy rating on shares of Electrovaya in a report on Wednesday, March 6th.

Electrovaya Stock Down 2.1 %

ELVA stock opened at $3.66 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.61 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average is $3.90 and its two-hundred day moving average is $3.28. Electrovaya has a 52 week low of $2.34 and a 52 week high of $5.50. The company has a market capitalization of $124.00 million and a price-to-earnings ratio of 183.09.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Tuesday, February 13th. The company reported ($0.03) EPS for the quarter. Electrovaya had a return on equity of 12.44% and a net margin of 1.79%. The business had revenue of $12.09 million during the quarter, compared to the consensus estimate of $12.63 million. On average, analysts forecast that Electrovaya will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. AIGH Capital Management LLC purchased a new position in shares of Electrovaya in the third quarter worth approximately $9,582,000. Toronto Dominion Bank purchased a new position in shares of Electrovaya in the third quarter worth approximately $67,000. Finally, Worth Venture Partners LLC purchased a new position in shares of Electrovaya in the fourth quarter worth approximately $2,510,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Company Profile

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.