Manatuck Hill Partners LLC Makes New $434,000 Investment in Electrovaya Inc. (NASDAQ:ELVA)

Manatuck Hill Partners LLC purchased a new position in Electrovaya Inc. (NASDAQ:ELVA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 175,000 shares of the company's stock, valued at approximately $434,000. Manatuck Hill Partners LLC owned 0.44% of Electrovaya as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Herald Investment Management Ltd grew its holdings in Electrovaya by 372.0% during the 4th quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company's stock worth $2,856,000 after acquiring an additional 930,000 shares during the period. Penbrook Management LLC acquired a new position in Electrovaya in the fourth quarter valued at approximately $448,000. WealthTrust Axiom LLC boosted its holdings in shares of Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock worth $418,000 after buying an additional 108,550 shares in the last quarter. AIGH Capital Management LLC grew its position in shares of Electrovaya by 3.2% during the 4th quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company's stock worth $6,262,000 after buying an additional 77,473 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Electrovaya in the 4th quarter valued at $27,000. 22.47% of the stock is owned by institutional investors.

Electrovaya Stock Performance

Electrovaya stock traded down $0.04 during mid-day trading on Wednesday, reaching $2.72. The company's stock had a trading volume of 28,279 shares, compared to its average volume of 51,460. The company has a market capitalization of $108.89 million, a P/E ratio of -67.90 and a beta of 1.22. The firm's fifty day moving average price is $2.48 and its two-hundred day moving average price is $2.44. Electrovaya Inc. has a 12-month low of $1.67 and a 12-month high of $3.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.69 and a current ratio of 1.55.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. Sell-side analysts predict that Electrovaya Inc. will post 0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ELVA shares. Roth Mkm reissued a "buy" rating and set a $5.00 price objective (up previously from $4.00) on shares of Electrovaya in a research report on Friday, February 14th. Raymond James set a $4.50 price objective on Electrovaya and gave the company a "strong-buy" rating in a research note on Thursday, January 30th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $10.00 target price on shares of Electrovaya in a research report on Friday, February 14th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $6.10.

Electrovaya Profile

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.