Electrovaya (NASDAQ:ELVA) Announces Quarterly Earnings Results

Key Points

• Electrovaya reported quarterly earnings of $0.02 per share, falling short of analysts' expectations of $0.04, with revenue at $17.13 million versus an estimate of $17.25 million.
• The company's stock price increased by 1.9%, reaching $4.72, amid a market capitalization of $189.32 million and a price-to-earnings ratio of 157.39.
• Analysts have given Electrovaya a consensus rating of "Buy," with a target price of $6.13, even after a recent downgrade from "buy" to "hold" by Wall Street Zen.

Electrovaya (NASDAQ:ELVA - Get Free Report) announced its earnings results on Wednesday. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02), Zacks reports. The business had revenue of $17.13 million during the quarter, compared to analyst estimates of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 7.24%. Electrovaya updated its FY 2025 guidance to EPS.

Electrovaya Stock Up 1.9%

Shares of ELVA traded up $0.09 during mid-day trading on Friday, hitting $4.72. 193,128 shares of the company's stock were exchanged, compared to its average volume of 96,832. The company has a market cap of $189.32 million, a price-to-earnings ratio of 157.39 and a beta of 1.56. The stock's 50-day moving average is $3.94 and its 200-day moving average is $3.06. The company has a debt-to-equity ratio of 0.69, a quick ratio of 3.01 and a current ratio of 3.89. Electrovaya has a fifty-two week low of $1.73 and a fifty-two week high of $5.24.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Electrovaya from a "buy" rating to a "hold" rating in a report on Monday, July 28th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $6.13.

Hedge Funds Weigh In On Electrovaya

A hedge fund recently raised its stake in Electrovaya stock. Mink Brook Asset Management LLC raised its position in Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 4.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 395,101 shares of the company's stock after buying an additional 16,713 shares during the period. Electrovaya makes up about 1.2% of Mink Brook Asset Management LLC's holdings, making the stock its 13th biggest holding. Mink Brook Asset Management LLC owned approximately 0.99% of Electrovaya worth $1,347,000 at the end of the most recent quarter. 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.

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