Electrovaya Inc. (NASDAQ:ELVA) Receives $6.10 Average Price Target from Analysts

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) has received a consensus recommendation of "Buy" from the five brokerages that are currently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $6.10.

Separately, Wall Street Zen raised shares of Electrovaya to a "hold" rating in a report on Saturday.

Institutional Investors Weigh In On Electrovaya

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Citadel Advisors LLC bought a new position in Electrovaya in the fourth quarter valued at approximately $64,000. Manatuck Hill Partners LLC bought a new stake in Electrovaya in the fourth quarter valued at about $434,000. WealthTrust Axiom LLC lifted its stake in Electrovaya by 181.2% in the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock valued at $418,000 after buying an additional 108,550 shares during the period. Herald Investment Management Ltd boosted its holdings in Electrovaya by 372.0% during the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company's stock worth $2,856,000 after buying an additional 930,000 shares during the last quarter. Finally, AIGH Capital Management LLC grew its position in shares of Electrovaya by 3.2% during the 4th 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 institutional investors and hedge funds.

Electrovaya Price Performance

ELVA stock traded up $0.08 on Friday, reaching $3.86. 105,392 shares of the company were exchanged, compared to its average volume of 63,090. The company has a current ratio of 3.89, a quick ratio of 3.01 and a debt-to-equity ratio of 0.69. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.61. The stock's fifty day moving average price is $3.24 and its 200 day moving average price is $2.75.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The firm had revenue of $15.02 million during the quarter, compared to analyst estimates of $15.95 million. Electrovaya had a negative net margin of 0.06% and a negative return on equity of 0.21%. As a group, equities analysts anticipate that Electrovaya will post 0.1 earnings per share for the current fiscal year.

About Electrovaya

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.