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

Key Points

• Analysts have given Electrovaya Inc. (NASDAQ:ELVA) an average recommendation of "Moderate Buy", with one sell rating, one hold rating, two buy ratings, and one strong buy rating.
• The stock's average 12-month price target among brokerages is $6.50, while shares are currently trading around $6.62.
• Institutional ownership is notable, with hedge funds increasing their positions, including a 133.9% increase by WealthTrust Axiom, indicating strong institutional interest.

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) have been given an average recommendation of "Moderate Buy" by the five analysts that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $6.50.

ELVA has been the topic of several research reports. Zacks Research lowered shares of Electrovaya from a "hold" rating to a "strong sell" rating in a report on Monday, October 13th. Wall Street Zen lowered shares of Electrovaya from a "buy" rating to a "hold" rating in a report on Sunday, September 28th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Electrovaya in a report on Wednesday, October 8th.

Hedge Funds Weigh In On Electrovaya

Institutional investors and hedge funds have recently bought and sold shares of the company. AMH Equity Ltd purchased a new position in Electrovaya in the first quarter worth $231,000. Penbrook Management LLC grew its holdings in Electrovaya by 69.1% in the second quarter. Penbrook Management LLC now owns 308,111 shares of the company's stock worth $1,050,000 after purchasing an additional 125,896 shares during the last quarter. Mink Brook Asset Management LLC grew its holdings in Electrovaya by 8.3% in 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 during the last quarter. WealthTrust Axiom LLC grew its holdings in Electrovaya by 133.9% in 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 during the last quarter. Finally, Herald Investment Management Ltd grew its holdings in Electrovaya by 7.2% in the second quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company's stock worth $4,314,000 after purchasing an additional 85,000 shares during the last quarter. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Stock Performance

Shares of ELVA stock opened at $6.62 on Monday. The firm has a market cap of $265.53 million, a price-to-earnings ratio of 220.74 and a beta of 1.54. The company's 50 day moving average is $6.03 and its 200 day moving average is $4.26. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91. Electrovaya has a 52-week low of $1.73 and a 52-week high of $7.72.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business 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. On average, sell-side 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.

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