Electrovaya Inc. (NASDAQ:ELVA) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts hold a consensus “Moderate Buy” rating on Electrovaya, with three buy ratings, one strong-buy, and two holds. The average 12-month price target is $17.50, well above the reported share price of $6.78.
• Electrovaya’s latest quarterly results fell short of expectations: adjusted earnings were $0.01 per share versus a $0.03 consensus estimate, while revenue of $17.71 million missed forecasts of $21.44 million.
• Institutional ownership stands at 22.47%, with several investment firms recently establishing or increasing positions, although the stock remains below its 50-day and 200-day moving averages.

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) have earned an average recommendation of "Moderate Buy" from the six research firms that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $17.50.

Several analysts recently commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Electrovaya in a report on Wednesday, June 24th. Wall Street Zen downgraded Electrovaya from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Roth Capital restated a "buy" rating on shares of Electrovaya in a research report on Wednesday, July 15th. HC Wainwright raised their price objective on shares of Electrovaya from $10.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. Finally, Oppenheimer cut their target price on shares of Electrovaya from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Wednesday, August 12th.

Electrovaya Price Performance

NASDAQ:ELVA opened at $6.78 on Thursday. Electrovaya has a one year low of $4.10 and a one year high of $12.78. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.72 and a current ratio of 7.53. The firm has a market cap of $335.68 million, a price-to-earnings ratio of 61.64, a PEG ratio of 1.91 and a beta of 1.64. The firm's fifty day moving average is $8.13 and its two-hundred day moving average is $8.87.

Electrovaya (NASDAQ:ELVA - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.02). The company had revenue of $17.71 million for the quarter, compared to analysts' expectations of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. Research analysts expect that Electrovaya will post 0.06 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in shares of Electrovaya by 4,900.0% during the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company's stock worth $32,000 after acquiring an additional 3,920 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Electrovaya in the 3rd quarter valued at about $74,000. NewEdge Advisors LLC acquired a new position in Electrovaya in the 4th quarter worth about $79,000. Millennium Management LLC purchased a new position in Electrovaya during the third quarter worth approximately $95,000. Finally, Virtu Financial LLC acquired a new stake in Electrovaya in the third quarter valued at approximately $96,000. Hedge funds and other institutional investors own 22.47% of the company's stock.

About Electrovaya

Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company's core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya's product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.

In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.

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