Electrovaya (NASDAQ:ELVA) Rating Lowered to Sell at Wall Street Zen

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

A number of other research analysts have also recently commented on ELVA. Raymond James Financial reiterated a “strong-buy” rating on shares of Electrovaya in a research report on Thursday, July 16th. Oppenheimer lowered their price objective on shares of Electrovaya from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research note on Wednesday, June 24th. HC Wainwright increased their target price on shares of 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.50.

Electrovaya Price Performance

ELVA opened at $7.95 on Friday. The stock has a 50-day moving average price of $9.26 and a 200-day moving average price of $9.18. Electrovaya has a 12-month low of $4.10 and a 12-month high of $12.78. The company has a current ratio of 7.53, a quick ratio of 5.72 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $393.60 million, a P/E ratio of 72.28, a PEG ratio of 1.62 and a beta of 1.69.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.02). The firm had revenue of $17.71 million for the quarter, compared to the consensus estimate of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. Equities analysts predict that Electrovaya will post 0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

A number of large investors have recently bought and sold shares of ELVA. Polar Asset Management Partners Inc. lifted its position in Electrovaya by 145.5% in the fourth 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. Thompson Siegel & Walmsley LLC bought a new position in shares of Electrovaya in the fourth quarter worth approximately $4,976,000. WealthTrust Axiom LLC grew its holdings in shares of Electrovaya by 23.1% in the fourth quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company’s stock worth $3,996,000 after purchasing an additional 94,950 shares during the last quarter. Mink Brook Asset Management LLC increased its stake in shares of Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock worth $1,347,000 after buying an additional 16,713 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Electrovaya by 76,081.0% in the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock worth $1,795,000 after buying an additional 304,324 shares during the period. 22.47% of the stock is owned by hedge funds and other 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.