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

Key Points

• Moderate Buy consensus: Five brokerages give Electrovaya an average rating of "Moderate Buy" (2 holds, 2 buys, 1 strong buy) with a 12‑month average target price of $11.17.
• Shares opened at $9.78 and were down 6.7%; the company has a $484.2M market cap, P/E of 81.5, 12‑month range of $2.66–$11.88, and last quarter reported EPS of $0.02 (beat $0.01) on $15.5M revenue (slightly below expectations).

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) have been given an average recommendation of "Moderate Buy" by the five brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $11.1667.

A number of analysts have recently weighed in on the company. Roth Mkm reiterated a "buy" rating and set a $10.00 price target on shares of Electrovaya in a research report on Friday, February 13th. Raymond James Financial reiterated a "strong-buy" rating on shares of Electrovaya in a research report on Wednesday, March 18th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Electrovaya in a research report on Friday, March 27th.

Electrovaya Stock Down 6.7%

Shares of Electrovaya stock opened at $9.78 on Friday. The company has a current ratio of 6.02, a quick ratio of 4.69 and a debt-to-equity ratio of 0.48. The business's 50 day simple moving average is $8.45 and its 200-day simple moving average is $7.70. The stock has a market capitalization of $484.21 million, a price-to-earnings ratio of 81.51, a PEG ratio of 1.31 and a beta of 1.44. Electrovaya has a twelve month low of $2.66 and a twelve month high of $11.88.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $15.50 million for the quarter, compared to analysts' expectations of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. Equities research analysts forecast that Electrovaya will post 0.15 earnings per share for the current year.

Institutional Trading of Electrovaya

Several hedge funds have recently added to or reduced their stakes in ELVA. Allworth Financial LP grew its holdings in shares of Electrovaya by 4,900.0% in the 4th quarter. Allworth Financial LP now owns 4,000 shares of the company's stock worth $32,000 after acquiring an additional 3,920 shares during the last quarter. Solstein Capital LLC acquired a new position in shares of Electrovaya in the 3rd quarter worth $29,000. Global Retirement Partners LLC acquired a new position in shares of Electrovaya in the 3rd quarter worth $46,000. TD Waterhouse Canada Inc. grew its holdings in shares of Electrovaya by 737.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company's stock worth $72,000 after acquiring an additional 8,000 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Electrovaya by 10.3% in the 4th quarter. Lazard Asset Management LLC now owns 86,347 shares of the company's stock worth $682,000 after acquiring an additional 8,090 shares during the last quarter. Institutional investors own 22.47% of the company's stock.

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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