Penbrook Management LLC Trims Position in Electrovaya Inc. $ELVA

Penbrook Management LLC lessened its holdings in shares of Electrovaya Inc. (NASDAQ:ELVA) by 15.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 295,356 shares of the company’s stock after selling 54,505 shares during the quarter. Electrovaya makes up 1.7% of Penbrook Management LLC’s portfolio, making the stock its 14th biggest position. Penbrook Management LLC owned 0.62% of Electrovaya worth $2,299,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mink Brook Asset Management LLC boosted its holdings in Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after acquiring an additional 16,713 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Electrovaya in the 3rd quarter worth $74,000. Solstein Capital LLC bought a new position in Electrovaya in the 3rd quarter worth $29,000. First Trust Advisors LP purchased a new stake in shares of Electrovaya in the 3rd quarter worth about $468,000. Finally, Russell Investments Group Ltd. bought a new stake in shares of Electrovaya during the 3rd quarter valued at about $887,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ELVA shares. HC Wainwright boosted their price target on shares of Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research report on Wednesday. Finally, Roth Mkm reiterated a “buy” rating and set a $20.00 target price on shares of Electrovaya in a report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Electrovaya has an average rating of “Moderate Buy” and a consensus target price of $14.62.

Electrovaya Stock Performance

Shares of Electrovaya stock opened at $9.67 on Friday. 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 firm has a market capitalization of $478.76 million, a P/E ratio of 80.59, a P/E/G ratio of 1.24 and a beta of 1.56. The business has a fifty day simple moving average of $10.24 and a two-hundred day simple moving average of $8.96. Electrovaya Inc. has a 12 month low of $3.11 and a 12 month high of $12.78.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Thursday, May 14th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $18.05 million for the quarter, compared to analysts’ expectations of $17.74 million. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%. On average, equities analysts forecast that Electrovaya Inc. will post 0.14 earnings per share for the current fiscal year.

Electrovaya 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.