Electrovaya’s (ELVA) Buy Rating Reiterated at Roth Mkm

Roth Mkm restated their buy rating on shares of Electrovaya (NASDAQ:ELVA) in a report issued on Tuesday, Benzinga reports. Roth Mkm currently has a $8.00 price objective on the stock.

A number of other brokerages also recently weighed in on ELVA. Craig Hallum cut their price target on shares of Electrovaya from $14.00 to $10.00 and set a buy rating for the company in a report on Thursday, January 4th. Roth Capital restated a buy rating on shares of Electrovaya in a research note on Wednesday, March 6th.

Electrovaya Price Performance

NASDAQ:ELVA opened at $3.66 on Tuesday. Electrovaya has a 52 week low of $2.34 and a 52 week high of $5.50. The firm has a market cap of $124.00 million and a price-to-earnings ratio of 183.09. The firm’s 50-day simple moving average is $3.90 and its 200 day simple moving average is $3.28. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.61 and a current ratio of 0.98.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings results on Tuesday, February 13th. The company reported ($0.03) EPS for the quarter. Electrovaya had a return on equity of 12.44% and a net margin of 1.79%. The business had revenue of $12.09 million for the quarter, compared to the consensus estimate of $12.63 million. As a group, sell-side analysts predict that Electrovaya will post 0.18 earnings per share for the current year.

Institutional Investors Weigh In On Electrovaya

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Worth Venture Partners LLC bought a new stake in Electrovaya during the fourth quarter worth $2,510,000. Toronto Dominion Bank bought a new position in shares of Electrovaya in the 3rd quarter valued at $67,000. Finally, AIGH Capital Management LLC bought a new position in shares of Electrovaya in the 3rd quarter valued at $9,582,000. 22.47% of the stock is currently owned by institutional investors.

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.