Electrovaya Inc. (NASDAQ:ELVA) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Electrovaya Inc. (NASDAQ:ELVA) has received an average broker recommendation of "Buy", with one hold, three buy, and one strong buy rating from five brokerages.
• The average 12-month price target for Electrovaya's stock is $6.1250, reflecting positive sentiment among analysts.
• Institutional investors currently own 22.47% of the company's shares, with several firms increasing their stakes significantly in the recent quarter.

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) have earned an average recommendation of "Buy" from the five brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $6.1250.

ELVA has been the subject of several recent analyst reports. Wall Street Zen raised shares of Electrovaya from a "hold" rating to a "buy" rating in a report on Saturday, September 20th. Zacks Research upgraded shares of Electrovaya from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 11th.

Hedge Funds Weigh In On Electrovaya

A number of large investors have recently added to or reduced their stakes in the stock. Herald Investment Management Ltd raised its position in Electrovaya by 7.2% during the second quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company's stock worth $4,314,000 after acquiring an additional 85,000 shares during the period. WealthTrust Axiom LLC grew its holdings in shares of Electrovaya by 5.5% during the second quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company's stock worth $1,417,000 after buying an additional 21,525 shares in the last quarter. Mink Brook Asset Management LLC grew its holdings in shares of Electrovaya by 4.4% during the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company's stock worth $1,347,000 after buying an additional 16,713 shares in the last quarter. Penbrook Management LLC grew its holdings in shares of Electrovaya by 69.1% during the second quarter. Penbrook Management LLC now owns 308,111 shares of the company's stock worth $1,050,000 after buying an additional 125,896 shares in the last quarter. Finally, AMH Equity Ltd grew its holdings in shares of Electrovaya by 100.0% during the second quarter. AMH Equity Ltd now owns 200,000 shares of the company's stock worth $682,000 after buying an additional 100,000 shares in the last quarter. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Price Performance

NASDAQ:ELVA opened at $7.44 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.03 and a quick ratio of 2.88. The firm has a market cap of $298.40 million, a price-to-earnings ratio of 248.08 and a beta of 1.59. The company has a 50 day moving average price of $5.33 and a 200-day moving average price of $3.76. Electrovaya has a 1-year low of $1.73 and a 1-year high of $7.49.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $17.13 million for the quarter, compared to analysts' expectations of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. Equities research analysts forecast that Electrovaya will post 0.1 EPS for the current year.

Electrovaya Company Profile

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.

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