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

Key Points

• Electrovaya has a “Moderate Buy” consensus rating from six analysts: three buys, one strong buy, and two holds. The average 12-month price target is $17.50.
• Institutional investors own 22.47% of the company, with several funds recently initiating or expanding positions, including Lazard Asset Management, which increased its holdings by 188.9%.
• Despite shares trading up 4.7% to $7.95, Electrovaya’s latest results fell short of expectations, reporting $0.01 in quarterly EPS versus $0.03 forecast and revenue of $17.71 million versus $21.44 million expected.

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Two 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 brokers that have covered the stock in the last year is $17.50.

ELVA has been the subject of several analyst reports. Raymond James Financial restated a "strong-buy" rating on shares of Electrovaya in a report on Thursday, July 16th. HC Wainwright increased their price target on Electrovaya from $10.00 to $15.00 and gave the company a "buy" rating in a report on Friday, May 15th. Wall Street Zen lowered shares of Electrovaya from a "hold" rating to a "sell" rating in a research report on Saturday. Oppenheimer reduced their price objective on shares of Electrovaya from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Electrovaya in a report on Wednesday, June 24th.

Institutional Investors Weigh In On Electrovaya

A number of hedge funds have recently bought and sold shares of ELVA. Triasima Portfolio Management inc. acquired a new position in shares of Electrovaya during the 4th quarter worth about $1,285,000. Huntleigh Advisors Inc. bought a new stake in Electrovaya during the 4th quarter valued at approximately $1,182,000. Lazard Asset Management LLC grew its holdings in Electrovaya by 188.9% in the 1st quarter. Lazard Asset Management LLC now owns 249,429 shares of the company's stock valued at $1,951,000 after buying an additional 163,082 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Electrovaya in the 4th quarter valued at approximately $700,000. Finally, WealthTrust Axiom LLC increased its position in Electrovaya by 23.1% in the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company's stock worth $3,996,000 after buying an additional 94,950 shares during the period. 22.47% of the stock is currently owned by institutional investors.

Electrovaya Trading Up 4.7%

Electrovaya stock opened at $7.95 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 7.53 and a quick ratio of 5.93. The company has a market capitalization of $393.60 million, a price-to-earnings ratio of 72.28, a PEG ratio of 1.62 and a beta of 1.69. Electrovaya has a one year low of $4.10 and a one year high of $12.78. The company's fifty day moving average price is $9.26 and its two-hundred day moving average price is $9.19.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02). The company had revenue of $17.71 million for the quarter, compared to the consensus estimate of $21.44 million. Electrovaya had a net margin of 6.14% and a return on equity of 7.96%. On average, analysts forecast that Electrovaya will post 0.08 earnings per share for the current fiscal 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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