Analysts Set Electrovaya Inc. (NASDAQ:ELVA) Target Price at $6.50

by · The Cerbat Gem

Electrovaya Inc. (NASDAQ:ELVA – Get Free Report) has received an average rating of “Moderate Buy” from the five brokerages that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $7.8750.

ELVA has been the topic of a number of research reports. Zacks Research upgraded Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Raymond James Financial reissued a “strong-buy” rating and set a $9.50 price objective on shares of Electrovaya in a report on Thursday. Roth Capital set a $7.00 target price on Electrovaya in a research report on Thursday. Wall Street Zen cut shares of Electrovaya from a “buy” rating to a “hold” rating in a research report on Sunday, September 28th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Electrovaya in a report on Monday.

Check Out Our Latest Report on ELVA

Electrovaya Price Performance

ELVA stock opened at $6.94 on Tuesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.03 and a quick ratio of 2.88. Electrovaya has a one year low of $1.80 and a one year high of $7.72. The stock has a market cap of $329.72 million, a PE ratio of 77.12 and a beta of 1.66. The firm has a 50 day simple moving average of $5.71 and a two-hundred day simple moving average of $4.99.

Electrovaya (NASDAQ:ELVA – Get Free Report) last posted its quarterly earnings data on Wednesday, December 10th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01. Electrovaya had a net margin of 5.27% and a return on equity of 15.88%. The firm had revenue of $20.51 million for the quarter, compared to analysts’ expectations of $20.26 million. On average, analysts predict that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Trading of Electrovaya

Several institutional investors have recently added to or reduced their stakes in ELVA. Caldwell Investment Management Ltd. bought a new position in shares of Electrovaya during the third quarter valued at about $2,424,000. Bank of America Corp DE grew its position in Electrovaya by 76,081.0% during the 3rd 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 last quarter. Hillsdale Investment Management Inc. bought a new position in Electrovaya during the 3rd quarter worth approximately $1,677,000. WealthTrust Axiom LLC increased its stake in Electrovaya by 133.9% in the 1st quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company’s stock worth $910,000 after purchasing an additional 225,629 shares during the period. Finally, Russell Investments Group Ltd. bought a new stake in Electrovaya in the third quarter valued at approximately $887,000. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

About Electrovaya

(Get Free Report)

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.

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