Electrovaya (NASDAQ:ELVA) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Electrovaya (NASDAQ:ELVA) posted its quarterly earnings results on Monday. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02), Zacks reports. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%.

Electrovaya Stock Performance

ELVA traded down $0.43 during trading hours on Monday, hitting $9.28. 660,493 shares of the stock were exchanged, compared to its average volume of 706,250. The stock has a market cap of $459.45 million, a price-to-earnings ratio of 77.34, a price-to-earnings-growth ratio of 1.30 and a beta of 1.69. The stock has a 50-day simple moving average of $9.59 and a 200-day simple moving average of $9.28. The company has a debt-to-equity ratio of 0.54, a current ratio of 7.66 and a quick ratio of 5.93. Electrovaya has a 12 month low of $4.10 and a 12 month high of $12.78.

Analyst Ratings Changes

ELVA has been the subject of several recent analyst reports. Roth Capital reissued a “buy” rating on shares of Electrovaya in a report on Wednesday, July 15th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. HC Wainwright increased their price target on shares of Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Electrovaya in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.75.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Polar Asset Management Partners Inc. boosted its holdings in shares of Electrovaya by 145.5% in 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 buying an additional 696,320 shares during the period. Bank of America Corp DE raised its stake in Electrovaya by 76,081.0% during the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock worth $1,795,000 after acquiring an additional 304,324 shares during the period. Granahan Investment Management LLC bought a new position in Electrovaya in the fourth quarter worth about $1,540,000. Russell Investments Group Ltd. bought a new position in Electrovaya in the third quarter worth about $887,000. Finally, Osaic Holdings Inc. boosted its stake in Electrovaya by 10,454.4% in the fourth quarter. Osaic Holdings Inc. now owns 105,544 shares of the company’s stock valued at $834,000 after acquiring an additional 104,544 shares during the period. 22.47% of the stock is currently owned by institutional investors.

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.