Electrovaya (NASDAQ:ELVA) Cut to "Hold" at Wall Street Zen

Key Points

• Electrovaya has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, while another report upgraded its rating from a "strong sell" to a "hold".
• Currently, Electrovaya holds a consensus rating of "Buy" with an average price target of $6.50.
• The company reported earnings per share of $0.02, missing the consensus estimate by $0.02, with revenues slightly lower than expected at $17.13 million.

Electrovaya (NASDAQ:ELVA - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Sunday.

Separately, Zacks Research upgraded shares of Electrovaya from a "strong sell" rating to a "hold" rating in a report on Thursday, September 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Electrovaya currently has a consensus rating of "Buy" and an average price target of $6.50.

Electrovaya Stock Performance

Electrovaya stock opened at $6.09 on Friday. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $244.25 million, a PE ratio of 203.07 and a beta of 1.59. The firm has a fifty day simple moving average of $5.44 and a two-hundred day simple moving average of $3.83. Electrovaya has a twelve month low of $1.73 and a twelve month high of $7.49.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $17.13 million during the quarter, compared to the consensus estimate of $17.25 million. Electrovaya had a return on equity of 6.66% and a net margin of 2.19%. Electrovaya has set its FY 2025 guidance at EPS. Research analysts expect that Electrovaya will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Herald Investment Management Ltd increased its stake in shares of Electrovaya by 7.2% in the second quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company's stock worth $4,314,000 after acquiring an additional 85,000 shares during the period. WealthTrust Axiom LLC grew its position in Electrovaya by 5.5% during the second quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company's stock valued at $1,417,000 after buying an additional 21,525 shares during the period. Mink Brook Asset Management LLC lifted its holdings in Electrovaya by 4.4% during the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company's stock valued at $1,347,000 after purchasing an additional 16,713 shares in the last quarter. Penbrook Management LLC lifted its holdings in Electrovaya by 69.1% during the second quarter. Penbrook Management LLC now owns 308,111 shares of the company's stock valued at $1,050,000 after purchasing an additional 125,896 shares in the last quarter. Finally, AMH Equity Ltd lifted its stake in shares of Electrovaya by 100.0% in the second quarter. AMH Equity Ltd now owns 200,000 shares of the company's stock worth $682,000 after buying an additional 100,000 shares in the last 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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