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

Key Points

• Wall Street Zen downgraded Electrovaya from “hold” to “sell,” contrasting with a broader analyst consensus of “Moderate Buy” and an average price target of $17.50.
• Electrovaya’s latest quarter fell short of expectations, with EPS of $0.01 versus $0.03 forecast and revenue of $17.71 million compared with estimates of $21.44 million.
• The stock opened at $7.95 and has traded between $4.10 and $12.78 over the past year; institutional investors and hedge funds own 22.47% of shares.

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

Other equities analysts also recently issued research reports about the stock. Raymond James Financial restated a "strong-buy" rating on shares of Electrovaya in a research report on Thursday, July 16th. HC Wainwright upped their target price on Electrovaya from $10.00 to $15.00 and gave the company a "buy" rating in a report on Friday, May 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of Electrovaya in a research report on Wednesday, June 24th. Roth Capital reiterated a "buy" rating on shares of Electrovaya in a research report on Wednesday, July 15th. Finally, Oppenheimer lowered their target price on shares of Electrovaya from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.50.

Electrovaya Stock Up 4.7%

Shares of NASDAQ ELVA opened at $7.95 on Friday. The stock has a market cap of $393.58 million, a PE ratio of 72.28, a price-to-earnings-growth ratio of 1.54 and a beta of 1.69. Electrovaya has a 52-week low of $4.10 and a 52-week high of $12.78. The business has a 50-day moving average price of $9.26 and a 200 day moving average price of $9.19. The company has a quick ratio of 5.93, a current ratio of 7.53 and a debt-to-equity ratio of 0.60.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.02). Electrovaya had a return on equity of 7.96% and a net margin of 6.14%.The business had revenue of $17.71 million for the quarter, compared to analysts' expectations of $21.44 million. Equities research analysts forecast that Electrovaya will post 0.08 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ELVA. Mink Brook Asset Management LLC lifted its holdings in Electrovaya by 4.4% in the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company's stock worth $1,347,000 after buying an additional 16,713 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Electrovaya during the 3rd quarter valued at approximately $74,000. First Trust Advisors LP purchased a new position in shares of Electrovaya during the 3rd quarter valued at approximately $468,000. Russell Investments Group Ltd. acquired a new stake in shares of Electrovaya during the third quarter worth approximately $887,000. Finally, Virtu Financial LLC acquired a new stake in shares of Electrovaya during the third quarter worth approximately $96,000. 22.47% of the stock is owned by institutional investors and hedge funds.

About Electrovaya

Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company's core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya's product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.

In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.

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