Electrovaya Sees Unusually Large Options Volume (NASDAQ:ELVA)

Electrovaya Inc. (NASDAQ:ELVA) was the recipient of some unusual options trading activity on Wednesday. Investors bought 6,804 call options on the stock. This represents an increase of 2,771% compared to the typical daily volume of 237 call options.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP lifted its position in shares of Electrovaya by 4,900.0% during the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,920 shares during the last quarter. TD Waterhouse Canada Inc. increased its stake in Electrovaya by 737.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after buying an additional 8,000 shares during the period. NewEdge Advisors LLC purchased a new position in Electrovaya in the 4th quarter worth about $79,000. Dimensional Fund Advisors LP bought a new stake in Electrovaya during the 3rd quarter valued at about $74,000. Finally, Regal Investment Advisors LLC bought a new stake in Electrovaya during the 4th quarter valued at about $102,000. 22.47% of the stock is owned by institutional investors.

Electrovaya Price Performance

Shares of NASDAQ:ELVA traded up $3.55 during mid-day trading on Wednesday, reaching $11.44. The stock had a trading volume of 23,479,719 shares, compared to its average volume of 645,153. The business’s 50 day moving average price is $10.16 and its 200 day moving average price is $9.21. Electrovaya has a 1 year low of $3.55 and a 1 year high of $12.78. The company has a market cap of $566.44 million, a P/E ratio of 95.07, a price-to-earnings-growth ratio of 1.01 and a beta of 1.62. The company has a current ratio of 7.66, a quick ratio of 5.93 and a debt-to-equity ratio of 0.54.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business 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%. Research analysts expect that Electrovaya will post 0.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ELVA has been the topic of a number of recent analyst reports. Roth Capital reissued a “buy” rating on shares of Electrovaya in a report on Wednesday. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. HC Wainwright boosted their price target on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research note on Wednesday, March 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Electrovaya currently has a consensus rating of “Moderate Buy” and an average target price of $14.62.

About Electrovaya

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.