Electrovaya Inc. (NASDAQ:ELVA) Receives $6.50 Average Price Target from Analysts

Electrovaya Inc. (NASDAQ:ELVA) has earned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $6.50.

ELVA has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Electrovaya in a report on Friday. Zacks Research cut Electrovaya from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. Finally, Wall Street Zen cut Electrovaya from a “buy” rating to a “hold” rating in a research report on Sunday, September 28th.

Electrovaya Stock Up 4.9%

Shares of NASDAQ ELVA opened at $6.60 on Monday. The company has a market capitalization of $264.73 million, a price-to-earnings ratio of 220.07 and a beta of 1.54. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.03 and a quick ratio of 2.88. The business has a 50-day moving average of $6.18 and a two-hundred day moving average of $4.40. Electrovaya has a 1 year low of $1.73 and a 1 year high of $7.72.

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

Institutional Trading of Electrovaya

Hedge funds and other institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of Electrovaya during the third quarter worth about $46,000. Calamos Advisors LLC acquired a new stake in shares of Electrovaya during the third quarter worth about $419,000. AMH Equity Ltd acquired a new stake in shares of Electrovaya during the first quarter worth about $231,000. Penbrook Management LLC increased its position in shares of Electrovaya by 69.1% during the second quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after purchasing an additional 125,896 shares in the last quarter. Finally, Mink Brook Asset Management LLC increased its position in Electrovaya by 8.3% in the 1st quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company’s stock valued at $874,000 after acquiring an additional 28,935 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.