Electrovaya (NASDAQ:ELVA) Rating Lowered to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Electrovaya from “sell” to “strong sell.” Other analysts remain more positive, leaving the stock with a “Moderate Buy” consensus and an average price target of $17.50.
• Electrovaya’s shares opened at $4.91, below their 50-day average of $5.98 and 200-day average of $8.31; the stock’s 52-week range is $4.10 to $12.78.
• The company missed quarterly estimates, reporting EPS of $0.01 versus $0.03 expected and revenue of $17.71 million versus $21.44 million expected.

Electrovaya (NASDAQ:ELVA - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other research firms also recently weighed in on ELVA. Raymond James Financial reiterated a "strong-buy" rating on shares of Electrovaya in a research report on Thursday, July 16th. Weiss Ratings upgraded Electrovaya from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, October 23rd. Roth Capital reiterated a "buy" rating on shares of Electrovaya in a research note on Wednesday, July 15th. Finally, Oppenheimer lowered their price objective on shares of Electrovaya from $14.00 to $13.00 and set an "outperform" rating for the company in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $17.50.

Electrovaya Stock Performance

Shares of ELVA opened at $4.91 on Friday. The stock has a market capitalization of $245.50 million, a PE ratio of 44.64, a PEG ratio of 0.81 and a beta of 1.73. Electrovaya has a 1 year low of $4.10 and a 1 year high of $12.78. The stock has a 50-day simple moving average of $5.98 and a 200-day simple moving average of $8.31. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.72 and a current ratio of 7.53.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.02). The company had revenue of $17.71 million during the quarter, compared to analyst estimates of $21.44 million. Electrovaya had a return on equity of 7.96% and a net margin of 6.14%. On average, analysts predict that Electrovaya will post 0.05 earnings per share for the current fiscal year.

Institutional Trading of Electrovaya

Large investors have recently modified their holdings of the company. Lazard Asset Management LLC boosted its position in Electrovaya by 188.9% during the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company's stock worth $1,951,000 after acquiring an additional 163,082 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Electrovaya in the 2nd quarter valued at about $146,000. Penn Capital Management Company LLC grew its stake in shares of Electrovaya by 21.7% in the 3rd quarter. Penn Capital Management Company LLC now owns 73,554 shares of the company's stock worth $480,000 after buying an additional 13,131 shares during the last quarter. Aberdeen Group plc purchased a new stake in shares of Electrovaya in the 3rd quarter worth $3,472,000. Finally, Gagnon Securities LLC lifted its holdings in shares of Electrovaya by 24.8% in the 3rd quarter. Gagnon Securities LLC now owns 32,830 shares of the company's stock valued at $214,000 after acquiring an additional 6,523 shares during the last quarter. 22.47% of the stock is owned by institutional investors.

About Electrovaya

Electrovaya Inc is a Canadian battery technology and manufacturing company that develops lithium-ion batteries, battery systems and related energy-storage solutions. Its products are designed for applications requiring high energy density, long operating life and enhanced safety.

The company serves industrial and transportation markets, including electric material-handling equipment such as forklifts, as well as electric buses, trucks, trains and other commercial vehicles. Electrovaya also develops battery systems for stationary energy storage and other specialized applications.

Founded in 1996, Electrovaya is headquartered in Mississauga, Ontario, and serves customers in North America and international markets.

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