Electrovaya (NASDAQ:ELVA) Stock Bumped Down to “Strong Sell” by Wall Street Zen

Electrovaya (NASDAQ:ELVA) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other research firms also recently weighed in on ELVA. Weiss Ratings raised Electrovaya from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 23rd. Roth Capital restated a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Oppenheimer cut their price objective on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. One 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.50.

Electrovaya Trading Up 6.0%

ELVA opened at $4.91 on Friday. The company has a market cap of $245.50 million, a P/E ratio of 44.64, a PEG ratio of 0.81 and a beta of 1.73. Electrovaya has a 1-year low of $4.10 and a 1-year high of $12.78. The company’s 50 day moving average is $5.98 and its 200-day moving average is $8.31. 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 analysts’ consensus estimates of $0.03 by ($0.02). Electrovaya had a return on equity of 7.96% and a net margin of 6.14%. The firm had revenue of $17.71 million during the quarter, compared to analysts’ expectations of $21.44 million. Equities research analysts predict that Electrovaya will post 0.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

Hedge funds have recently modified their holdings of the company. Aberdeen Group plc acquired a new position in Electrovaya during the third quarter worth $3,472,000. Lazard Asset Management LLC grew its position in Electrovaya by 188.9% in the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company’s stock valued at $1,951,000 after purchasing an additional 163,082 shares during the period. 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 valued at $2,640,000 after buying an additional 76,770 shares during the last quarter. Penbrook Management LLC increased its holdings in shares of Electrovaya by 16.4% in the 3rd quarter. Penbrook Management LLC now owns 379,606 shares of the company’s stock worth $2,487,000 after buying an additional 53,375 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in Electrovaya during the 2nd quarter valued at approximately $146,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

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.