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 reissued a buy rating on shares of Electrovaya in a research report on Wednesday, March 6th.

Electrovaya Stock Down 2.1 %

NASDAQ ELVA opened at $3.66 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.98 and a quick ratio of 0.61. The company’s 50 day simple moving average is $3.90 and its 200 day simple moving average is $3.28. Electrovaya has a 12 month low of $2.34 and a 12 month high of $5.50. The company has a market capitalization of $124.00 million and a P/E 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. Equities research analysts expect that Electrovaya will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank purchased a new position in Electrovaya during the third quarter valued at approximately $67,000. Worth Venture Partners LLC purchased a new position in Electrovaya during the fourth quarter valued at approximately $2,510,000. Finally, AIGH Capital Management LLC acquired a new position in shares of Electrovaya during the 3rd quarter worth $9,582,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

About Electrovaya

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.