349,453 Shares in Electrovaya Inc. (NASDAQ:ELVA) Bought by Mink Brook Asset Management LLC

Mink Brook Asset Management LLC bought a new position in Electrovaya Inc. (NASDAQ:ELVA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 349,453 shares of the company's stock, valued at approximately $867,000. Electrovaya accounts for 0.8% of Mink Brook Asset Management LLC's investment portfolio, making the stock its 19th largest holding. Mink Brook Asset Management LLC owned approximately 0.87% of Electrovaya as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Manatuck Hill Partners LLC acquired a new position in shares of Electrovaya during the 4th quarter worth about $434,000. Penbrook Management LLC acquired a new position in shares of Electrovaya during the 4th quarter worth about $448,000. WealthTrust Axiom LLC boosted its stake 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 during the last quarter. Herald Investment Management Ltd boosted its stake in shares of 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 buying an additional 930,000 shares during the last quarter. Finally, AIGH Capital Management LLC boosted its stake 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 last quarter. 22.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Electrovaya Stock Down 0.7%

Shares of ELVA stock opened at $2.71 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.69 and a current ratio of 1.55. The firm's 50-day moving average is $2.53 and its 200-day moving average is $2.46. The stock has a market cap of $108.69 million, a price-to-earnings ratio of -67.75 and a beta of 1.22. Electrovaya Inc. has a 52-week low of $1.67 and a 52-week high of $3.54.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating 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 year.

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.

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