Electrovaya Inc. $ELVA Shares Sold by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. reduced its holdings in Electrovaya Inc. (NASDAQ:ELVA) by 71.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 478,480 shares of the company’s stock after selling 1,198,829 shares during the quarter. Polar Asset Management Partners Inc. owned 1.01% of Electrovaya worth $2,818,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ELVA. Solstein Capital LLC acquired a new position in Electrovaya during the 3rd quarter worth $29,000. Global Retirement Partners LLC acquired a new position in shares of Electrovaya during the third quarter valued at $46,000. Dimensional Fund Advisors LP bought a new stake in shares of Electrovaya during the third quarter valued at about $74,000. Millennium Management LLC bought a new stake in shares of Electrovaya during the third quarter valued at about $95,000. Finally, Virtu Financial LLC acquired a new stake in Electrovaya in the third quarter worth about $96,000. Institutional investors own 22.47% of the company’s stock.

Electrovaya Trading Up 0.8%

Shares of Electrovaya stock opened at $7.65 on Friday. The business has a fifty day simple moving average of $8.86 and a 200-day simple moving average of $7.16. Electrovaya Inc. has a fifty-two week low of $2.25 and a fifty-two week high of $11.88. The firm has a market cap of $366.89 million, a price-to-earnings ratio of 63.76, a price-to-earnings-growth ratio of 0.95 and a beta of 1.56. The company has a quick ratio of 4.69, a current ratio of 6.02 and a debt-to-equity ratio of 0.48.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, February 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%.The firm had revenue of $15.50 million for the quarter, compared to analyst estimates of $16.71 million. On average, equities analysts forecast that Electrovaya Inc. will post 0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ELVA. Oppenheimer started coverage on shares of Electrovaya in a research report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 target price for the company. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a research note on Friday, February 13th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Electrovaya has a consensus rating of “Moderate Buy” and an average target price of $11.17.

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.