Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) PT at $17.50

Electrovaya Inc. (NASDAQ:ELVA) has earned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $17.50.

ELVA has been the topic of a number of analyst reports. Oppenheimer cut their target price on Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a research report on Wednesday, July 15th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a report on Wednesday, June 24th. Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a report on Thursday, July 16th. Finally, Wall Street Zen downgraded Electrovaya from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th.

Institutional Trading of Electrovaya

A number of institutional investors and hedge funds have recently modified their holdings of ELVA. Allworth Financial LP lifted its stake in Electrovaya by 4,900.0% in the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock valued at $32,000 after buying an additional 3,920 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in Electrovaya during the 3rd quarter worth approximately $74,000. NewEdge Advisors LLC acquired a new position in shares of Electrovaya during the fourth quarter valued at approximately $79,000. Millennium Management LLC acquired a new position in shares of Electrovaya during the third quarter valued at approximately $95,000. Finally, Virtu Financial LLC purchased a new position in shares of Electrovaya in the third quarter valued at approximately $96,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Electrovaya Trading Down 2.4%

Shares of ELVA opened at $6.43 on Thursday. The company’s fifty day moving average is $8.00 and its 200 day moving average is $8.85. Electrovaya has a fifty-two week low of $4.10 and a fifty-two week high of $12.78. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.72 and a current ratio of 7.53. The stock has a market capitalization of $318.35 million, a PE ratio of 58.46, a P/E/G ratio of 1.91 and a beta of 1.64.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). The business had revenue of $17.71 million during the quarter, compared to the consensus estimate of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. Sell-side analysts expect that Electrovaya will post 0.06 earnings per share for the current fiscal year.

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.