Electrovaya Inc. (NASDAQ:ELVA) Receives $11.17 Average Target Price from Brokerages

Electrovaya Inc. (NASDAQ:ELVA) has been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $11.1667.

ELVA has been the subject of several research reports. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday. Oppenheimer began coverage on shares of Electrovaya in a research note on Thursday, December 18th. They set an “outperform” rating and a $14.00 target price for the company. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a report on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research report on Monday, December 29th.

Electrovaya Price Performance

NASDAQ ELVA opened at $7.24 on Thursday. Electrovaya has a twelve month low of $2.25 and a twelve month high of $11.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 4.69 and a current ratio of 6.02. The stock has a market capitalization of $347.23 million, a PE ratio of 60.34, a P/E/G ratio of 0.90 and a beta of 1.56. The stock has a 50-day simple moving average of $8.82 and a 200 day simple moving average of $7.18.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, February 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $15.50 million for the quarter, compared to analyst estimates of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. Research analysts anticipate that Electrovaya will post 0.1 EPS for the current year.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors have recently added to or reduced their stakes in ELVA. Allworth Financial LP raised its holdings in Electrovaya by 4,900.0% in the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,920 shares in the last quarter. Solstein Capital LLC bought a new stake in shares of Electrovaya in the 3rd quarter worth approximately $29,000. Global Retirement Partners LLC acquired a new stake in shares of Electrovaya during the 3rd quarter worth approximately $46,000. TD Waterhouse Canada Inc. grew its holdings in shares of Electrovaya by 737.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in shares of Electrovaya by 10.3% during the fourth quarter. Lazard Asset Management LLC now owns 86,347 shares of the company’s stock valued at $682,000 after purchasing an additional 8,090 shares during the period. 22.47% of the stock is owned by institutional investors and hedge funds.

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.