Electrovaya (NASDAQ:ELVA) Reaches New 52-Week High – Should You Buy?

Electrovaya Inc. (NASDAQ:ELVA) reached a new 52-week high during trading on Tuesday . The company traded as high as $11.79 and last traded at $11.37, with a volume of 126169 shares trading hands. The stock had previously closed at $11.23.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Oppenheimer began coverage on Electrovaya in a research report on Thursday, December 18th. They set an “outperform” rating and a $14.00 price target on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $9.50 target price on shares of Electrovaya in a report on Thursday, December 11th. Roth Mkm set a $7.00 price target on shares of Electrovaya in a report on Thursday, December 11th. Zacks Research upgraded shares of Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Electrovaya has a consensus rating of “Moderate Buy” and an average target price of $10.13.

Electrovaya Stock Up 2.7%

The business’s 50 day simple moving average is $7.82 and its 200-day simple moving average is $6.40. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.93 and a current ratio of 4.16. The company has a market cap of $553.03 million, a price-to-earnings ratio of 129.15 and a beta of 1.35.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Wednesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. Electrovaya had a return on equity of 14.21% and a net margin of 5.27%.The business had revenue of $20.51 million during the quarter, compared to analyst estimates of $20.26 million. Sell-side analysts expect that Electrovaya Inc. will post 0.1 earnings per share for the current year.

Institutional Trading of Electrovaya

A number of hedge funds have recently bought and sold shares of ELVA. Herald Investment Management Ltd grew its position in Electrovaya by 7.2% during the second quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock worth $4,314,000 after buying an additional 85,000 shares in the last quarter. Penbrook Management LLC lifted its position in shares of Electrovaya by 69.1% in the 2nd quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after acquiring an additional 125,896 shares during the period. AMH Equity Ltd grew its holdings in shares of Electrovaya by 100.0% during the 2nd quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock worth $682,000 after purchasing an additional 100,000 shares in the last quarter. WealthTrust Axiom LLC increased its position in shares of Electrovaya by 5.5% during the second quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock valued at $1,417,000 after purchasing an additional 21,525 shares during the period. Finally, Mink Brook Asset Management LLC increased its position in shares of Electrovaya by 4.4% during the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after purchasing an additional 16,713 shares during the period. 22.47% of the stock is owned by institutional investors.

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.