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

Key Points

• Electrovaya has a consensus “Moderate Buy” rating from six analysts, with three buys, one strong buy and two holds. The average 12-month price target is $17.50, although Oppenheimer recently cut its target to $13.
• Institutional investors own 22.47% of the company, with several hedge funds increasing their positions, including Lazard Asset Management, which raised its stake by 188.9%.
• Electrovaya shares opened at $5.63, well below their 12-month high of $12.78. The company’s latest quarterly results missed expectations, reporting $17.71 million in revenue versus a $21.44 million estimate and EPS of $0.01 versus $0.03 expected.

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

ELVA has been the topic of a number of recent research reports. Raymond James Financial restated a "strong-buy" rating on shares of Electrovaya in a research note on Thursday, July 16th. Roth Capital reiterated a "buy" rating on shares of Electrovaya in a research report on Wednesday, July 15th. Oppenheimer reduced their target price on Electrovaya from $14.00 to $13.00 and set an "outperform" rating on the stock in a report on Wednesday, August 12th. Wall Street Zen lowered Electrovaya from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Finally, Weiss Ratings upgraded Electrovaya from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 23rd.

Hedge Funds Weigh In On Electrovaya

Hedge funds have recently bought and sold shares of the company. Penbrook Management LLC raised its position in Electrovaya by 16.4% during the third quarter. Penbrook Management LLC now owns 379,606 shares of the company's stock valued at $2,487,000 after purchasing an additional 53,375 shares in the last quarter. Lazard Asset Management LLC lifted its stake in 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 during the last quarter. Granahan Investment Management LLC lifted its stake in 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 during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Electrovaya by 18.4% in the 1st 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 in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Electrovaya in the 2nd quarter valued at $146,000. 22.47% of the stock is owned by institutional investors.

Electrovaya Price Performance

Shares of Electrovaya stock opened at $5.63 on Friday. 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 stock has a market capitalization of $281.50 million, a price-to-earnings ratio of 51.19, a price-to-earnings-growth ratio of 0.89 and a beta of 1.64. Electrovaya has a twelve month low of $4.10 and a twelve month high of $12.78. The company has a 50-day simple moving average of $6.17 and a two-hundred day simple moving average of $8.44.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.02). The business had revenue of $17.71 million for the quarter, compared to the consensus estimate of $21.44 million. Electrovaya had a return on equity of 7.96% and a net margin of 6.14%. Analysts forecast that Electrovaya will post 0.05 EPS for the current year.

Electrovaya Company Profile

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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