Electrovaya (NASDAQ:ELVA) Hits New 52-Week High – Should You Buy?
by Teresa Graham · The Cerbat GemElectrovaya Inc. (NASDAQ:ELVA – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $11.89 and last traded at $11.75, with a volume of 174313 shares traded. The stock had previously closed at $11.57.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on the company. Raymond James Financial restated a “strong-buy” rating on shares of Electrovaya in a research report on Wednesday, March 18th. Weiss Ratings restated a “hold (c)” rating on shares of Electrovaya in a research report on Friday, March 27th. Roth Mkm restated a “buy” rating and set a $12.00 target price on shares of Electrovaya in a research report on Friday, May 15th. Finally, HC Wainwright increased their target price on Electrovaya from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Electrovaya has an average rating of “Moderate Buy” and a consensus price target of $12.63.
Get Our Latest Stock Report on ELVA
Electrovaya Trading Up 1.6%
The stock has a market cap of $581.84 million, a P/E ratio of 97.91, a PEG ratio of 1.51 and a beta of 1.44. The firm’s fifty day moving average price is $9.19 and its two-hundred day moving average price is $8.13. 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 (NASDAQ:ELVA – Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $18.05 million for the quarter, compared to analysts’ expectations of $17.74 million. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%. As a group, equities research analysts forecast that Electrovaya Inc. will post 0.14 EPS for the current year.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in ELVA. Solstein Capital LLC bought a new position in shares of Electrovaya in the third quarter worth $29,000. Allworth Financial LP increased its holdings in shares of Electrovaya by 4,900.0% in the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,920 shares during the period. TD Waterhouse Canada Inc. increased its holdings in shares of Electrovaya by 737.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company’s stock worth $72,000 after purchasing an additional 8,000 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of Electrovaya in the third quarter worth $74,000. Finally, NewEdge Advisors LLC bought a new position in shares of Electrovaya in the fourth quarter worth $79,000. Institutional investors own 22.47% of the company’s stock.
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.