Electrovaya (NASDAQ:ELVA) Sets New 52-Week High – Still a Buy?

Electrovaya Inc. (NASDAQ:ELVA) shares reached a new 52-week high on Thursday . The stock traded as high as $11.89 and last traded at $11.75, with a volume of 174313 shares traded. The stock had previously closed at $11.57.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th. Roth Mkm reaffirmed a “buy” rating and set a $12.00 price objective on shares of Electrovaya in a report on Friday, May 15th. HC Wainwright raised their target price on shares of Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.63.

Electrovaya Stock Down 0.2%

The firm has a 50-day moving average price of $9.34 and a two-hundred day moving average price of $8.20. The company has a market capitalization of $578.74 million, a P/E ratio of 97.42, a PEG ratio of 1.52 and a beta of 1.44. The company has a quick ratio of 5.93, a current ratio of 7.66 and a debt-to-equity ratio of 0.54.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, May 14th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $18.05 million during the quarter, compared to analysts’ expectations of $17.74 million. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%. Equities research analysts anticipate that Electrovaya Inc. will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Several hedge funds have recently made changes to their positions in ELVA. Hillsdale Investment Management Inc. acquired a new stake in shares of Electrovaya during the 3rd quarter worth approximately $1,677,000. Huntleigh Advisors Inc. acquired a new position in shares of Electrovaya in the fourth quarter valued at $1,182,000. Triasima Portfolio Management inc. acquired a new position in shares of Electrovaya in the fourth quarter valued at $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Electrovaya in the fourth quarter worth $700,000. Finally, Conestoga Capital Advisors LLC bought a new position in Electrovaya in the fourth quarter worth $2,080,000. Institutional investors own 22.47% of the company’s stock.

Electrovaya Company 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.