Wall Street Zen Upgrades Electrovaya (NASDAQ:ELVA) to Buy

Wall Street Zen upgraded shares of Electrovaya (NASDAQ:ELVA) from a hold rating to a buy rating in a research note released on Saturday morning.

Separately, Zacks Research upgraded shares of Electrovaya from a “strong sell” rating to a “hold” rating in a report on Thursday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Electrovaya currently has an average rating of “Buy” and a consensus price target of $6.13.

Electrovaya Stock Down 2.9%

Shares of ELVA opened at $6.80 on Friday. The firm has a market cap of $272.75 million, a P/E ratio of 226.74 and a beta of 1.58. Electrovaya has a 12-month low of $1.73 and a 12-month high of $7.09. The company’s 50-day moving average price is $5.19 and its 200 day moving average price is $3.71. The company has a current ratio of 4.03, a quick ratio of 2.88 and a debt-to-equity ratio of 0.91.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings data on Wednesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The company had revenue of $17.13 million during the quarter, compared to analysts’ expectations of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Electrovaya will post 0.1 earnings per share for the current year.

Hedge Funds Weigh In On Electrovaya

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mink Brook Asset Management LLC boosted its holdings in Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock valued at $1,347,000 after purchasing an additional 16,713 shares in the last quarter. WealthTrust Axiom LLC raised its stake in shares of Electrovaya by 5.5% during the second quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock worth $1,417,000 after purchasing an additional 21,525 shares during the last quarter. AMH Equity Ltd raised its stake in shares of Electrovaya by 100.0% during the second quarter. AMH Equity Ltd now owns 200,000 shares of the company’s stock worth $682,000 after purchasing an additional 100,000 shares during the last quarter. Penbrook Management LLC raised its stake in shares of Electrovaya by 69.1% during the second quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after purchasing an additional 125,896 shares during the last quarter. Finally, Herald Investment Management Ltd raised its position in Electrovaya by 7.2% in the second quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock worth $4,314,000 after acquiring an additional 85,000 shares in the last quarter. 22.47% of the stock is owned by institutional investors and hedge funds.

Electrovaya Company Profile

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.