Electrovaya Inc. (NASDAQ:ELVA) Receives $11.17 Average Price Target from Analysts

Electrovaya Inc. (NASDAQ:ELVA) has been assigned an average rating of “Moderate Buy” from the five research firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $11.1667.

A number of research analysts have recently commented on the stock. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Electrovaya in a research report on Friday, February 13th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Electrovaya in a report on Wednesday, March 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a research note on Friday, March 27th.

Institutional Trading of Electrovaya

Hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC bought a new position in shares of Electrovaya during the 4th quarter worth approximately $79,000. XTX Topco Ltd raised its stake in Electrovaya by 201.2% in the 4th quarter. XTX Topco Ltd now owns 101,056 shares of the company’s stock valued at $798,000 after acquiring an additional 67,504 shares during the period. Quadrature Capital Ltd bought a new stake in Electrovaya in the 4th quarter valued at $771,000. Millennium Management LLC lifted its holdings in Electrovaya by 204.6% during the 4th quarter. Millennium Management LLC now owns 48,879 shares of the company’s stock valued at $386,000 after purchasing an additional 32,832 shares during the last quarter. Finally, Polar Asset Management Partners Inc. lifted its holdings in Electrovaya by 145.5% during the 4th quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company’s stock valued at $9,281,000 after purchasing an additional 696,320 shares during the last quarter. 22.47% of the stock is owned by institutional investors and hedge funds.

Electrovaya Stock Performance

NASDAQ ELVA opened at $9.63 on Monday. The company has a market cap of $461.89 million, a PE ratio of 80.26, a PEG ratio of 1.20 and a beta of 1.41. The company has a current ratio of 6.02, a quick ratio of 4.69 and a debt-to-equity ratio of 0.48. Electrovaya has a 12 month low of $2.49 and a 12 month high of $11.88. The stock has a 50 day moving average of $8.10 and a 200-day moving average of $7.45.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. The business had revenue of $15.50 million during the quarter, compared to analysts’ expectations of $16.71 million. On average, equities research analysts anticipate that Electrovaya will post 0.1 EPS for the current fiscal year.

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.