Analysts Set Electrovaya Inc. (NASDAQ:ELVA) PT at $6.13

Key Points

• Electrovaya Inc. (NASDAQ:ELVA) has received a consensus rating of "Moderate Buy" from five brokerages, with an average 1-year price target of $6.1250.
• Despite the positive consensus, recent downgrades include a shift from "hold" to "strong sell" by Zacks Research and from "buy" to "hold" by Wall Street Zen.
• In the latest quarterly earnings, Electrovaya reported a loss of $0.02 EPS, missing estimates, with revenues of $17.13 million, slightly lower than the consensus estimate.

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) has received an average rating of "Moderate Buy" from the five research firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $6.1250.

Several equities research analysts have weighed in on the stock. Zacks Research cut shares of Electrovaya from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. Wall Street Zen cut shares of Electrovaya from a "buy" rating to a "hold" rating in a research report on Monday, July 28th.

Institutional Investors Weigh In On Electrovaya

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mink Brook Asset Management LLC lifted its position in shares of Electrovaya by 4.4% in the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company's stock worth $1,347,000 after purchasing an additional 16,713 shares during the period. WealthTrust Axiom LLC lifted its position in shares of Electrovaya by 5.5% in the 2nd quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company's stock worth $1,417,000 after purchasing an additional 21,525 shares during the period. Citadel Advisors LLC purchased a new stake in shares of Electrovaya in the 4th quarter worth about $64,000. Herald Investment Management Ltd lifted its position in shares of Electrovaya by 7.2% in the 2nd 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 period. Finally, AMH Equity Ltd purchased a new position in Electrovaya during the 1st quarter valued at about $231,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Trading Up 0.5%

Shares of ELVA stock traded up $0.03 on Friday, hitting $6.39. 1,121,499 shares of the company's stock traded hands, compared to its average volume of 340,996. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.88 and a current ratio of 4.03. Electrovaya has a one year low of $1.73 and a one year high of $6.70. The company's fifty day simple moving average is $4.53 and its 200 day simple moving average is $3.36. The stock has a market capitalization of $256.30 million, a price-to-earnings ratio of 213.07 and a beta of 1.59.

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