Wall Street Zen Downgrades Electrovaya (NASDAQ:ELVA) to Hold

Key Points

• Electrovaya has been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, impacting investor sentiment.
• The company's stock price decreased by 3.6% following the downgrade, opening at $4.50.
• Electrovaya missed earnings expectations, reporting $0.02 earnings per share against a consensus estimate of $0.03.

Wall Street Zen cut shares of Electrovaya (NASDAQ:ELVA - Free Report) from a buy rating to a hold rating in a research report released on Monday morning.

Electrovaya Price Performance

Shares of ELVA traded up $0.09 on Monday, reaching $4.82. 48,616 shares of the company's stock were exchanged, compared to its average volume of 87,107. Electrovaya has a 12 month low of $1.67 and a 12 month high of $5.14. The company has a current ratio of 3.89, a quick ratio of 3.01 and a debt-to-equity ratio of 0.69. The business has a 50 day moving average price of $3.58 and a two-hundred day moving average price of $2.89.

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

Institutional Trading of Electrovaya

Several hedge funds have recently added to or reduced their stakes in ELVA. WealthTrust Axiom LLC increased its holdings in Electrovaya by 181.2% in the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock valued at $418,000 after buying an additional 108,550 shares during the period. XTX Topco Ltd bought a new position in shares of Electrovaya in the fourth quarter worth about $27,000. Herald Investment Management Ltd grew its holdings in shares of Electrovaya by 372.0% during the 4th 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 last quarter. Manatuck Hill Partners LLC acquired a new position in Electrovaya during the 4th quarter worth approximately $434,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Electrovaya in the fourth quarter valued at approximately $435,000. 22.47% of the stock is owned by institutional investors and hedge funds.

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.