Electrovaya Inc. (NASDAQ:ELVA) Receives Average Recommendation of “Moderate Buy” from Brokerages

by · The Cerbat Gem

Electrovaya Inc. (NASDAQ:ELVA – Get Free Report) has received an average rating of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $9.10.

Several research analysts have commented on the stock. Oppenheimer started coverage on shares of Electrovaya in a report on Thursday, December 18th. They issued an “outperform” rating and a $14.00 price objective for the company. Zacks Research raised Electrovaya from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Electrovaya in a report on Monday, December 29th. Wall Street Zen cut shares of Electrovaya from a “buy” rating to a “hold” rating in a research report on Sunday, September 28th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $9.50 price target on shares of Electrovaya in a research report on Thursday, December 11th.

View Our Latest Stock Report on ELVA

Electrovaya Trading Up 0.7%

Shares of ELVA opened at $8.74 on Friday. The stock has a market capitalization of $415.24 million, a P/E ratio of 97.12 and a beta of 1.37. The firm has a fifty day simple moving average of $6.07 and a two-hundred day simple moving average of $5.56. The company has a quick ratio of 2.93, a current ratio of 4.16 and a debt-to-equity ratio of 0.71. Electrovaya has a twelve month low of $1.80 and a twelve month high of $9.12.

Electrovaya (NASDAQ:ELVA – Get Free Report) last posted its earnings results on Wednesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. Electrovaya had a return on equity of 14.21% and a net margin of 5.27%.The company had revenue of $20.51 million for the quarter, compared to analysts’ expectations of $20.26 million. On average, research analysts anticipate that Electrovaya will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Electrovaya

Hedge funds have recently bought and sold shares of the company. Solstein Capital LLC purchased a new position in Electrovaya in the third quarter worth about $29,000. Global Retirement Partners LLC purchased a new stake in shares of Electrovaya during the third quarter valued at approximately $46,000. Dimensional Fund Advisors LP bought a new stake in shares of Electrovaya during the third quarter valued at approximately $74,000. Millennium Management LLC bought a new stake in shares of Electrovaya during the third quarter valued at approximately $95,000. Finally, Virtu Financial LLC bought a new position in Electrovaya in the 3rd quarter valued at approximately $96,000. Institutional investors own 22.47% of the company’s stock.

Electrovaya Company Profile

(Get Free Report)

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.

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