Electrovaya Inc. (NASDAQ:ELVA) Receives Average Recommendation of “Moderate Buy” from Analysts

Electrovaya Inc. (NASDAQ:ELVA) has received a consensus rating of “Moderate Buy” from the six analysts that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $14.6250.

A number of brokerages have recently issued reports on ELVA. Roth Mkm reaffirmed a “buy” rating and set a $20.00 price target on shares of Electrovaya in a research report on Friday, June 5th. HC Wainwright boosted their target price on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th.

Electrovaya Stock Down 0.2%

NASDAQ:ELVA opened at $10.48 on Friday. The company has a market cap of $518.86 million, a price-to-earnings ratio of 87.34, a price-to-earnings-growth ratio of 1.36 and a beta of 1.62. Electrovaya has a twelve month low of $3.11 and a twelve month high of $12.78. The company has a current ratio of 7.66, a quick ratio of 5.93 and a debt-to-equity ratio of 0.54. The stock has a fifty day simple moving average of $10.28 and a 200-day simple moving average of $9.09.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The company had revenue of $18.05 million for the quarter, compared to analysts’ expectations of $17.74 million. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%. Analysts anticipate that Electrovaya will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Electrovaya

A number of large investors have recently bought and sold shares of the company. Lazard Asset Management LLC boosted its holdings in Electrovaya by 188.9% in the first quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock valued at $1,951,000 after purchasing an additional 163,082 shares during the last quarter. Granahan Investment Management LLC lifted its holdings in shares of Electrovaya by 2.7% in the 1st 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. Dimensional Fund Advisors LP boosted its stake in shares of Electrovaya by 18.4% in the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company’s stock worth $451,000 after buying an additional 8,983 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Electrovaya in the fourth quarter worth about $79,000. Finally, XTX Topco Ltd grew its holdings in Electrovaya by 201.2% during the fourth quarter. XTX Topco Ltd now owns 101,056 shares of the company’s stock worth $798,000 after acquiring an additional 67,504 shares during the period. Hedge funds and other institutional investors own 22.47% of the company’s stock.

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.