Electrovaya (NASDAQ:ELVA) Shares Down 8.7% – Here’s What Happened

Electrovaya Inc. (NASDAQ:ELVA) shares traded down 8.7% during trading on Friday . The stock traded as low as $9.92 and last traded at $10.1890. 357,359 shares changed hands during trading, a decline of 28% from the average session volume of 497,454 shares. The stock had previously closed at $11.16.

Analysts Set New Price Targets

A number of research analysts have weighed in on ELVA shares. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a report on Friday, March 27th. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. Roth Mkm restated a “buy” rating and set a $12.00 price target on shares of Electrovaya in a research report on Friday. Finally, HC Wainwright upped their price objective on shares of Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Friday. One investment 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 stock. According to MarketBeat.com, Electrovaya has an average rating of “Moderate Buy” and a consensus price target of $12.63.

Electrovaya Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 6.02 and a quick ratio of 4.69. The stock has a 50 day simple moving average of $8.76 and a two-hundred day simple moving average of $7.86. The company has a market cap of $486.49 million, a price-to-earnings ratio of 81.75, a price-to-earnings-growth ratio of 1.31 and a beta of 1.44.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings results on Thursday, May 14th. The company reported $999.00 EPS for the quarter, topping the consensus estimate of $0.01 by $998.99. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%.The business had revenue of $18.05 million for the quarter, compared to analyst estimates of $17.74 million. On average, equities research analysts predict that Electrovaya Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of Electrovaya

Hedge funds have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. purchased a new stake in shares of Electrovaya in the 3rd quarter valued at approximately $1,677,000. Huntleigh Advisors Inc. purchased a new position in Electrovaya in the fourth quarter valued at $1,182,000. Triasima Portfolio Management inc. purchased a new position in Electrovaya in the fourth quarter valued at $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Electrovaya in the fourth quarter valued at $700,000. Finally, Conestoga Capital Advisors LLC purchased a new stake in Electrovaya during the 4th quarter worth about $2,080,000. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Company Profile

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.