Alyeska Investment Group L.P. Makes New $435,000 Investment in Electrovaya Inc. (NASDAQ:ELVA)

Alyeska Investment Group L.P. bought a new stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 175,535 shares of the company's stock, valued at approximately $435,000. Alyeska Investment Group L.P. owned 0.44% of Electrovaya as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Manatuck Hill Partners LLC purchased a new position in shares of Electrovaya during the 4th quarter worth $434,000. Herald Investment Management Ltd lifted its position in Electrovaya by 372.0% during the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company's stock valued at $2,856,000 after purchasing an additional 930,000 shares in the last quarter. XTX Topco Ltd bought a new stake in Electrovaya during the fourth quarter valued at about $27,000. WealthTrust Axiom LLC increased its position in Electrovaya by 181.2% in the fourth 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. Finally, AIGH Capital Management LLC raised its stake in shares of Electrovaya by 3.2% in the fourth 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. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Price Performance

Shares of ELVA stock traded up $0.06 during mid-day trading on Friday, hitting $2.73. The company had a trading volume of 27,019 shares, compared to its average volume of 51,912. 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 stock's 50 day moving average price is $2.52 and its 200-day moving average price is $2.45. Electrovaya Inc. has a 52-week low of $1.67 and a 52-week high of $3.54. The company has a market capitalization of $109.49 million, a P/E ratio of -68.25 and a beta of 1.22.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. Equities research analysts forecast 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 several analyst reports. Raymond James set a $4.50 target price on shares of Electrovaya and gave the stock a "strong-buy" rating in a report on Thursday, January 30th. Roth Mkm restated a "buy" rating and set a $5.00 price objective (up from $4.00) on shares of Electrovaya in a research report on Friday, February 14th. 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 investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Electrovaya presently has an average rating of "Buy" and a consensus 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.