Zacks Research Upgrades Electrovaya (NASDAQ:ELVA) to “Hold”

Electrovaya (NASDAQ:ELVA) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Separately, Wall Street Zen cut Electrovaya from a “buy” rating to a “hold” rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $6.13.

Electrovaya Stock Down 1.2%

Shares of ELVA opened at $5.90 on Thursday. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91. The company has a 50-day moving average price of $4.84 and a two-hundred day moving average price of $3.51. The stock has a market cap of $236.63 million, a price-to-earnings ratio of 196.73 and a beta of 1.59. Electrovaya has a 12 month low of $1.73 and a 12 month high of $6.70.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings data on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The company had revenue of $17.13 million during the quarter, compared to the consensus estimate of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. Equities analysts predict that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citadel Advisors LLC bought a new position in Electrovaya in the 4th quarter worth approximately $64,000. AMH Equity Ltd acquired a new stake in shares of Electrovaya during the first quarter worth $231,000. Penbrook Management LLC increased its stake in shares of Electrovaya by 69.1% in the 2nd quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock valued at $1,050,000 after acquiring an additional 125,896 shares during the last quarter. Mink Brook Asset Management LLC increased its stake in Electrovaya by 8.3% in the first quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company’s stock valued at $874,000 after purchasing an additional 28,935 shares in the last quarter. Finally, WealthTrust Axiom LLC raised its stake in Electrovaya by 133.9% during the 1st quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company’s stock worth $910,000 after buying an additional 225,629 shares during the period. Institutional investors and hedge funds own 22.47% of the company’s stock.

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.