Electrovaya Inc. (NASDAQ:ELVA) Receives $17.75 Average Price Target from Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $17.75.

ELVA has been the topic of several analyst reports. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Roth Capital reissued a “buy” rating on shares of Electrovaya in a research report on Wednesday, July 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research report on Wednesday, June 24th. Finally, HC Wainwright boosted their price objective on shares of Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 15th.

Hedge Funds Weigh In On Electrovaya

A number of institutional investors have recently bought and sold shares of ELVA. Polar Asset Management Partners Inc. raised its stake in 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 buying an additional 696,320 shares during the period. Thompson Siegel & Walmsley LLC bought a new position in shares of Electrovaya during the 4th quarter worth approximately $4,976,000. WealthTrust Axiom LLC boosted its stake in shares of Electrovaya by 23.1% during the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock worth $3,996,000 after acquiring an additional 94,950 shares during the period. Mink Brook Asset Management LLC increased its holdings in shares of Electrovaya by 4.4% during the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock worth $1,347,000 after acquiring an additional 16,713 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Electrovaya by 76,081.0% during the 3rd quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock worth $1,795,000 after acquiring an additional 304,324 shares during the last quarter. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Price Performance

ELVA stock opened at $8.33 on Wednesday. The company has a quick ratio of 5.93, a current ratio of 7.66 and a debt-to-equity ratio of 0.54. The business has a 50 day moving average price of $10.01 and a two-hundred day moving average price of $9.30. The company has a market cap of $412.42 million, a price-to-earnings ratio of 69.42, a P/E/G ratio of 1.11 and a beta of 1.62. Electrovaya has a twelve month low of $4.10 and a twelve month high of $12.78.

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

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.