Electrovaya (NASDAQ:ELVA) Trading Up 11.9% – Should You Buy?

Electrovaya Inc. (NASDAQ:ELVA) shot up 11.9% during trading on Tuesday . The stock traded as high as $10.08 and last traded at $10.2470. Approximately 603,662 shares traded hands during trading, a decline of 16% from the average daily volume of 718,279 shares. The stock had previously closed at $9.16.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Electrovaya in a research report on Wednesday, June 24th. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research note on Thursday. HC Wainwright increased their target price on Electrovaya from $10.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.75.

Electrovaya Stock Up 11.6%

The business’s fifty day moving average price is $10.12 and its 200 day moving average price is $9.27. The company has a quick ratio of 5.93, a current ratio of 7.66 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $506.09 million, a PE ratio of 85.51, a PEG ratio of 1.27 and a beta of 1.62.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%.The firm had revenue of $18.05 million for the quarter, compared to analyst estimates of $17.74 million. On average, equities research analysts forecast that Electrovaya Inc. will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Huntleigh Advisors Inc. acquired a new position in shares of Electrovaya in the fourth quarter valued at approximately $1,182,000. Triasima Portfolio Management inc. acquired a new stake in shares of Electrovaya during the fourth quarter worth $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Electrovaya during the fourth quarter worth $700,000. Thompson Siegel & Walmsley LLC purchased a new position in Electrovaya in the 4th quarter valued at $4,976,000. Finally, WealthTrust Axiom LLC grew its position in Electrovaya by 23.1% in the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock valued at $3,996,000 after buying an additional 94,950 shares during the last quarter. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

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.