Electrovaya Inc. (NASDAQ:ELVA) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Electrovaya has a consensus analyst rating of “Moderate Buy” from six covering firms, with an average 1-year price target of $17.75.
• Recent analyst actions were mixed but mostly positive, including reiterated buy and strong-buy ratings, while HC Wainwright raised its price target on the stock from $10 to $15.
• The company reported better-than-expected quarterly results, posting $0.02 EPS versus the $0.01 estimate and revenue of $18.05 million, while institutional investors increased or initiated positions in the stock.

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the six ratings firms that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $17.75.

A number of equities analysts have recently issued reports on ELVA shares. Weiss Ratings restated a "hold (c)" rating on shares of Electrovaya in a research note on Wednesday, June 24th. Raymond James Financial reiterated a "strong-buy" rating on shares of Electrovaya in a research report on Thursday, July 16th. Roth Capital reissued a "buy" rating on shares of Electrovaya in a research note on Wednesday, July 15th. Finally, HC Wainwright increased their price target on shares of Electrovaya from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, May 15th.

Institutional Investors Weigh In On Electrovaya

Several large investors have recently modified their holdings of the stock. Lazard Asset Management LLC raised its holdings in shares of Electrovaya by 188.9% in the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company's stock worth $1,951,000 after buying an additional 163,082 shares in the last quarter. Granahan Investment Management LLC lifted its position in shares of Electrovaya by 2.7% during the 1st quarter. Granahan Investment Management LLC now owns 200,195 shares of the company's stock worth $1,566,000 after buying an additional 5,234 shares during the period. Dimensional Fund Advisors LP boosted its stake in Electrovaya by 18.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company's stock valued at $451,000 after buying an additional 8,983 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in Electrovaya in the 4th quarter valued at $79,000. Finally, XTX Topco Ltd grew its position in Electrovaya by 201.2% in the fourth quarter. XTX Topco Ltd now owns 101,056 shares of the company's stock valued at $798,000 after acquiring an additional 67,504 shares during the period. 22.47% of the stock is currently owned by institutional investors.

Electrovaya Stock Performance

Shares of NASDAQ ELVA opened at $10.19 on Wednesday. The business has a fifty day simple moving average of $10.12 and a 200 day simple moving average of $9.29. The company has a current ratio of 7.66, a quick ratio of 5.93 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $504.51 million, a price-to-earnings ratio of 84.92, a PEG ratio of 1.22 and a beta of 1.62. Electrovaya has a one year low of $3.66 and a one year high of $12.78.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $18.05 million during the quarter, compared to analysts' expectations of $17.74 million. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%. Sell-side analysts expect that Electrovaya will post 0.14 EPS for the current year.

Electrovaya Company Profile

Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company's core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya's product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.

In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.

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