Electrovaya Inc. (ELVA) – What Are Researchers Thinking About This Stock?

Electrovaya Inc. (NASDAQ:ELVA) has earned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $17.50.

Several research firms recently commented on ELVA. Weiss Ratings raised shares of Electrovaya from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. Wall Street Zen lowered shares of Electrovaya from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Oppenheimer decreased their price target on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Roth Capital restated a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a report on Thursday, July 16th.

Institutional Trading of Electrovaya

Several large investors have recently added to or reduced their stakes in ELVA. Conestoga Capital Advisors LLC lifted its position in shares of Electrovaya by 23.4% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 404,870 shares of the company’s stock worth $2,640,000 after purchasing an additional 76,770 shares during the last quarter. Penbrook Management LLC boosted its holdings in Electrovaya by 16.4% in the 3rd quarter. Penbrook Management LLC now owns 379,606 shares of the company’s stock valued at $2,487,000 after purchasing an additional 53,375 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Electrovaya by 1,631.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,000 shares of the company’s stock worth $26,000 after purchasing an additional 3,769 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Electrovaya in the 2nd quarter valued at $146,000. Finally, Lazard Asset Management LLC grew its position in Electrovaya by 188.9% during the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock worth $1,951,000 after acquiring an additional 163,082 shares during the last quarter. 22.47% of the stock is owned by institutional investors.

Electrovaya Stock Down 0.8%

ELVA stock opened at $5.23 on Friday. The firm’s 50-day moving average is $6.09 and its two-hundred day moving average is $8.38. The company has a market capitalization of $261.50 million, a price-to-earnings ratio of 47.55, a price-to-earnings-growth ratio of 0.81 and a beta of 1.73. Electrovaya has a 52 week low of $4.10 and a 52 week high of $12.78. The company has a current ratio of 7.53, a quick ratio of 5.72 and a debt-to-equity ratio of 0.60.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). The company 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%. On average, analysts forecast that Electrovaya will post 0.05 earnings per share for the current fiscal year.

Electrovaya Company Profile

Electrovaya Inc is a Canadian battery technology and manufacturing company that develops lithium-ion batteries, battery systems and related energy-storage solutions. Its products are designed for applications requiring high energy density, long operating life and enhanced safety.

The company serves industrial and transportation markets, including electric material-handling equipment such as forklifts, as well as electric buses, trucks, trains and other commercial vehicles. Electrovaya also develops battery systems for stationary energy storage and other specialized applications.

Founded in 1996, Electrovaya is headquartered in Mississauga, Ontario, and serves customers in North America and international markets.