Polar Asset Management Partners Inc. Invests $5.37 Million in Electrovaya Inc. (NASDAQ:ELVA)

Polar Asset Management Partners Inc. bought a new stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 2,166,281 shares of the company's stock, valued at approximately $5,372,000. Polar Asset Management Partners Inc. owned 5.40% of Electrovaya at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ELVA. XTX Topco Ltd purchased a new position in Electrovaya during the fourth quarter valued at $27,000. Citadel Advisors LLC acquired a new stake in Electrovaya during the fourth quarter worth about $64,000. WealthTrust Axiom LLC increased its position in Electrovaya by 181.2% during the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock worth $418,000 after purchasing an additional 108,550 shares during the last quarter. Manatuck Hill Partners LLC acquired a new stake in shares of Electrovaya during the fourth quarter valued at about $434,000. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Electrovaya during the fourth quarter valued at about $435,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Stock Performance

Shares of ELVA stock traded up $0.04 during mid-day trading on Wednesday, hitting $3.25. The stock had a trading volume of 47,461 shares, compared to its average volume of 53,660. Electrovaya Inc. has a fifty-two week low of $1.67 and a fifty-two week high of $3.44. The firm has a market cap of $130.15 million, a PE ratio of -81.13 and a beta of 1.22. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.55 and a quick ratio of 0.69. The company's 50-day simple moving average is $2.62 and its 200-day simple moving average is $2.50.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The company had revenue of $15.02 million during the quarter, compared to analyst estimates of $15.95 million. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. Sell-side analysts anticipate that Electrovaya Inc. will post 0.1 earnings per share for the current year.

Analysts Set New Price Targets

ELVA has been the subject of a number of research reports. Raymond James set a $4.50 price objective on shares of Electrovaya and gave the company a "strong-buy" rating in a report on Thursday, January 30th. Roth Mkm restated a "buy" rating and issued a $5.00 price objective (up previously from $4.00) on shares of Electrovaya in a report on Friday, February 14th. Finally, HC Wainwright restated a "buy" rating and issued a $10.00 price objective on shares of Electrovaya in a report on Friday, February 14th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $6.10.

About Electrovaya

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.