Electrovaya Inc. (NASDAQ:ELVA) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analyst consensus is “Moderate Buy,” with three buy ratings, one strong-buy, and two holds among six analysts. The average 12-month price target is $17.50, well above the stock’s $6.63 opening price.
• Institutional investors own 22.47% of Electrovaya, with several funds increasing their positions, including Lazard Asset Management, which nearly tripled its stake.
• Electrovaya’s latest quarterly results fell short of expectations: EPS was $0.01 versus $0.03 expected, while revenue of $17.71 million missed the $21.44 million consensus estimate.

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

ELVA has been the subject of a number of research analyst reports. 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 research note on Wednesday, August 12th. Roth Capital reaffirmed a "buy" rating on shares of Electrovaya in a report on Wednesday, July 15th. Wall Street Zen downgraded Electrovaya from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Electrovaya in a research note on Monday, September 21st. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Electrovaya in a report on Thursday, July 16th.

Institutional Investors Weigh In On Electrovaya

Hedge funds have recently added to or reduced their stakes in the stock. WealthTrust Axiom LLC increased its position in Electrovaya by 23.1% in the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company's stock valued at $3,996,000 after acquiring an additional 94,950 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Electrovaya by 188.9% during the first quarter. Lazard Asset Management LLC now owns 249,429 shares of the company's stock worth $1,951,000 after purchasing an additional 163,082 shares in the last quarter. Granahan Investment Management LLC lifted its position in shares of Electrovaya by 2.7% during the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company's stock worth $1,566,000 after purchasing an additional 5,234 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Electrovaya by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company's stock valued at $451,000 after purchasing an additional 8,983 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Electrovaya in the second quarter valued at approximately $146,000. Institutional investors own 22.47% of the company's stock.

Electrovaya Stock Performance

Shares of Electrovaya stock opened at $6.63 on Monday. The stock has a market capitalization of $331.50 million, a P/E ratio of 60.28, a price-to-earnings-growth ratio of 0.52 and a beta of 1.64. The company has a quick ratio of 5.72, a current ratio of 7.53 and a debt-to-equity ratio of 0.60. The company has a 50-day simple moving average of $7.19 and a 200 day simple moving average of $8.70. Electrovaya has a 12-month low of $4.10 and a 12-month high of $12.78.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). The firm had revenue of $17.71 million for the quarter, compared to the consensus estimate 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 earnings per share for the current fiscal year.

Electrovaya Company Profile

Electrovaya Inc is a Canadian battery technology company that develops and manufactures lithium-ion batteries, battery systems and related energy-storage solutions. Its technologies are designed to provide high energy density, long cycle life and enhanced safety for applications that require reliable rechargeable power.

The company's products serve markets including electric material-handling equipment, such as industrial forklifts, as well as electric mobility, transportation and stationary energy storage.

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