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

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.

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) has earned a consensus rating of "Buy" from the five ratings firms that are currently covering the company, Marketbeat.com reports. Four 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 brokers that have covered the stock in the last year is $6.10.

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

Electrovaya Stock Down 1.2%

Shares of ELVA stock opened at $4.79 on Wednesday. The firm's 50-day moving average is $3.72 and its two-hundred day moving average is $2.96. Electrovaya has a 12 month low of $1.67 and a 12 month 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 released its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The firm had revenue of $15.02 million for 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%. Equities research analysts anticipate that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

A number of institutional investors have recently modified their holdings of the company. WealthTrust Axiom LLC boosted its holdings in Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock valued at $418,000 after acquiring an additional 108,550 shares during the period. XTX Topco Ltd acquired a new stake in shares of Electrovaya during the fourth quarter worth about $27,000. Herald Investment Management Ltd boosted its stake in shares of Electrovaya by 372.0% in the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company's stock valued at $2,856,000 after purchasing an additional 930,000 shares during the period. Manatuck Hill Partners LLC acquired a new position in shares of Electrovaya in the fourth quarter valued at approximately $434,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Electrovaya during the 4th quarter worth approximately $435,000. 22.47% of the stock is owned by institutional investors and hedge funds.

Electrovaya Company Profile

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.

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