Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) Target Price at $11.17

Electrovaya Inc. (NASDAQ:ELVA) has received an average rating of “Moderate Buy” from the five research firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $11.1667.

A number of research analysts recently weighed in on the company. Oppenheimer assumed coverage on Electrovaya in a research note on Thursday, December 18th. They set an “outperform” rating and a $14.00 price target on the stock. Raymond James Financial restated a “strong-buy” rating and set a $9.50 price objective on shares of Electrovaya in a report on Thursday, December 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a report on Monday, December 29th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a research report on Friday, February 13th. Finally, Zacks Research upgraded shares of Electrovaya from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th.

Hedge Funds Weigh In On Electrovaya

Several large investors have recently added to or reduced their stakes in the business. Solstein Capital LLC acquired a new position in Electrovaya during the 3rd quarter valued at about $29,000. Allworth Financial LP lifted its holdings in shares of Electrovaya by 4,900.0% in the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,920 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Electrovaya during the third quarter valued at approximately $46,000. TD Waterhouse Canada Inc. boosted its position in shares of Electrovaya by 737.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock valued at $72,000 after buying an additional 8,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in Electrovaya during the third quarter worth $74,000. Institutional investors own 22.47% of the company’s stock.

Electrovaya Stock Up 9.6%

Shares of NASDAQ ELVA opened at $8.00 on Friday. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48. The firm has a market cap of $383.68 million, a PE ratio of 66.67, a P/E/G ratio of 1.04 and a beta of 1.36. The company’s fifty day simple moving average is $8.82 and its 200 day simple moving average is $6.85. Electrovaya has a 12-month low of $1.80 and a 12-month high of $11.88.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate 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 net margin of 7.07% and a return on equity of 14.29%. As a group, sell-side analysts forecast that Electrovaya will post 0.1 earnings per share 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.