Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) Price Target at $6.10

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

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

Hedge Funds Weigh In On Electrovaya

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELVA. WealthTrust Axiom LLC lifted its position in shares of Electrovaya by 133.9% during the first quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company's stock worth $910,000 after purchasing an additional 225,629 shares in the last quarter. Mink Brook Asset Management LLC lifted its position in shares of Electrovaya by 8.3% during the first quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company's stock worth $874,000 after purchasing an additional 28,935 shares in the last quarter. AMH Equity Ltd acquired a new position in shares of Electrovaya during the first quarter worth approximately $231,000. Polar Asset Management Partners Inc. acquired a new position in shares of Electrovaya during the fourth quarter worth approximately $5,372,000. Finally, Citadel Advisors LLC acquired a new position in shares of Electrovaya during the fourth quarter worth approximately $64,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Stock Up 1.1%

Shares of Electrovaya stock traded up $0.04 during trading on Friday, hitting $3.83. 171,139 shares of the company's stock traded hands, compared to its average volume of 62,879. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.89 and a quick ratio of 3.01. The firm's fifty day moving average price is $3.24 and its 200 day moving average price is $2.74. Electrovaya has a twelve month low of $1.67 and a twelve month high of $3.89.

Electrovaya (NASDAQ:ELVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates 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 EPS 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.