Electrovaya Inc. (NASDAQ:ELVA) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• Electrovaya Inc. (NASDAQ:ELVA) has received a consensus recommendation of "Buy" from five analysts, with an average price target of $6.10.
• Despite the favorable analyst ratings, the stock recently opened at $4.79, down 1.2% from previous trading sessions, with reported quarterly earnings showing a miss in EPS expectations.
• Institutional investors have increased their holdings in Electrovaya, with WealthTrust Axiom LLC boosting their stake by 181.2% during the last quarter.

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) have been given an average recommendation of "Buy" by the five ratings firms that are presently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $6.10.

Separately, Wall Street Zen cut Electrovaya from a "buy" rating to a "hold" rating in a research note on Monday, July 28th.

Electrovaya Trading Down 2.5%

Shares of ELVA traded down $0.12 during mid-day trading on Wednesday, hitting $4.62. The company's stock had a trading volume of 120,441 shares, compared to its average volume of 219,265. The firm has a 50-day simple moving average of $3.81 and a 200 day simple moving average of $3.00. Electrovaya has a 1-year low of $1.67 and a 1-year high of $5.14. The company has a quick ratio of 3.01, a current ratio of 3.89 and a debt-to-equity ratio of 0.69.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). The business had revenue of $15.02 million during the quarter, compared to analysts' expectations of $15.95 million. Electrovaya had a negative net margin of 0.06% and a negative return on equity of 0.21%. On average, research analysts expect that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd acquired a new stake in shares of Electrovaya during the 4th quarter valued at $27,000. Citadel Advisors LLC purchased a new stake in shares of Electrovaya in the fourth quarter valued at $64,000. AMH Equity Ltd purchased a new stake in shares of Electrovaya in the first quarter valued at $231,000. WealthTrust Axiom LLC lifted its holdings in shares of Electrovaya by 181.2% in the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock valued at $418,000 after purchasing an additional 108,550 shares in the last quarter. Finally, Manatuck Hill Partners LLC purchased a new stake in shares of Electrovaya in the fourth quarter valued at $434,000. Institutional investors and hedge funds own 22.47% of the company's stock.

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.