Electrovaya (NASDAQ:ELVA) Announces Quarterly Earnings Results

Electrovaya (NASDAQ:ELVA) released its quarterly earnings data on Monday. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02), Zacks reports. The business 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 8.58%.

Electrovaya Stock Performance

NASDAQ:ELVA traded up $0.03 during trading on Wednesday, reaching $7.36. The company’s stock had a trading volume of 424,984 shares, compared to its average volume of 715,680. Electrovaya has a 12 month low of $4.10 and a 12 month high of $12.78. The firm has a market cap of $364.37 million, a price-to-earnings ratio of 66.92, a price-to-earnings-growth ratio of 1.24 and a beta of 1.69. The firm has a 50 day moving average of $9.45 and a 200-day moving average of $9.25. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ELVA. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a research report on Wednesday, July 15th. HC Wainwright increased their price objective on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a report on Thursday, July 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research report on Wednesday, June 24th. Finally, Oppenheimer lowered their price target on Electrovaya from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.50.

Institutional Investors Weigh In On Electrovaya

A number of hedge funds have recently modified their holdings of ELVA. NewEdge Advisors LLC purchased a new position in shares of Electrovaya during the 4th quarter valued at $79,000. XTX Topco Ltd lifted its holdings in Electrovaya by 201.2% during the fourth quarter. XTX Topco Ltd now owns 101,056 shares of the company’s stock valued at $798,000 after purchasing an additional 67,504 shares during the last quarter. Quadrature Capital Ltd bought a new position in Electrovaya during the fourth quarter worth about $771,000. Millennium Management LLC increased its stake in shares of Electrovaya by 204.6% in the fourth quarter. Millennium Management LLC now owns 48,879 shares of the company’s stock worth $386,000 after purchasing an additional 32,832 shares in the last quarter. Finally, Polar Asset Management Partners Inc. raised its position in shares of Electrovaya by 145.5% in the fourth quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company’s stock valued at $9,281,000 after purchasing an additional 696,320 shares during the period. Institutional investors own 22.47% of the company’s stock.

About Electrovaya

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.