Electrovaya (NASDAQ:ELVA) Downgraded to "Hold" Rating by Wall Street Zen

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.

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

Electrovaya Stock Down 3.6%

NASDAQ:ELVA opened at $4.50 on Monday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 3.01 and a current ratio of 3.89. The stock's fifty day moving average is $3.49 and its two-hundred day moving average is $2.85. Electrovaya has a 52 week low of $1.67 and a 52 week high of $4.75.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $15.02 million for the quarter, compared to analysts' expectations of $15.95 million. Electrovaya had a negative return on equity of 0.21% and a negative net margin of 0.06%. Research analysts predict that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Trading of Electrovaya

A number of large investors have recently made changes to their positions in the company. Citadel Advisors LLC acquired a new stake in Electrovaya in the fourth quarter valued at $64,000. Manatuck Hill Partners LLC purchased a new stake in Electrovaya in the fourth quarter valued at approximately $434,000. WealthTrust Axiom LLC boosted 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 acquiring an additional 108,550 shares during the period. AMH Equity Ltd acquired a new stake in Electrovaya during the 1st quarter worth $231,000. Finally, Herald Investment Management Ltd grew its position in Electrovaya by 372.0% during the 4th quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company's stock worth $2,856,000 after purchasing an additional 930,000 shares during the last quarter. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

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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