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

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

ELVA has been the topic of several other research reports. Wall Street Zen downgraded Electrovaya from a “buy” rating to a “hold” rating in a report on Sunday, September 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Electrovaya in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.50.

Electrovaya Trading Up 0.2%

Shares of ELVA opened at $5.10 on Tuesday. The stock has a fifty day moving average price of $6.30 and a two-hundred day moving average price of $4.70. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.88 and a current ratio of 4.03. The company has a market cap of $242.30 million, a price-to-earnings ratio of 170.06 and a beta of 1.55. Electrovaya has a 52-week low of $1.80 and a 52-week high of $7.72.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 6.66% and a net margin of 2.19%. Analysts predict that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. First Trust Advisors LP acquired a new stake in shares of Electrovaya during the third quarter worth $468,000. Solstein Capital LLC acquired a new position in Electrovaya in the third quarter valued at about $29,000. Dimensional Fund Advisors LP bought a new position in Electrovaya during the third quarter worth about $74,000. Hillsdale Investment Management Inc. acquired a new position in shares of Electrovaya during the 3rd quarter worth about $1,677,000. Finally, Cibc World Market Inc. acquired a new position in shares of Electrovaya during the 3rd quarter worth about $449,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

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.