Mink Brook Asset Management LLC Acquires Shares of 349,453 Electrovaya Inc. (NASDAQ:ELVA)

Mink Brook Asset Management LLC purchased a new position in shares of Electrovaya Inc. (NASDAQ:ELVA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 349,453 shares of the company's stock, valued at approximately $867,000. Electrovaya comprises about 0.8% of Mink Brook Asset Management LLC's portfolio, making the stock its 19th biggest position. Mink Brook Asset Management LLC owned 0.87% of Electrovaya at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ELVA. Herald Investment Management Ltd increased its position 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 buying an additional 930,000 shares during the period. Penbrook Management LLC bought a new position in Electrovaya in the fourth quarter valued at about $448,000. Alyeska Investment Group L.P. bought a new position in Electrovaya in the fourth quarter valued at about $435,000. Manatuck Hill Partners LLC bought a new position in Electrovaya in the fourth quarter valued at about $434,000. Finally, WealthTrust Axiom LLC grew its position in Electrovaya by 181.2% in the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock valued at $418,000 after acquiring an additional 108,550 shares during the last quarter. Institutional investors and hedge funds own 22.47% of the company's stock.

Wall Street Analysts Forecast Growth

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

Electrovaya Stock Up 1.0%

Shares of NASDAQ ELVA traded up $0.03 during midday trading on Friday, hitting $3.04. 117,445 shares of the stock traded hands, compared to its average volume of 53,003. The company has a market cap of $121.93 million, a PE ratio of -76.00 and a beta of 1.22. Electrovaya Inc. has a one year low of $1.67 and a one year high of $3.12. The business has a 50 day moving average price of $2.58 and a two-hundred day moving average price of $2.48. 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 released 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). Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. The firm had revenue of $15.02 million for the quarter, compared to the consensus estimate of $15.95 million. On average, equities analysts predict that Electrovaya Inc. will post 0.1 EPS for the current year.

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.