Electrovaya (NASDAQ:ELVA) Issues Earnings Results

Key Points

• Electrovaya reported quarterly EPS of $0.01, missing the $0.03 consensus estimate by $0.02. The company posted a 7.03% net margin and 11.35% return on equity.
• Shares fell 4.4% to $9.28, giving Electrovaya a market capitalization of approximately $459.45 million. The stock has traded between $4.10 and $12.78 over the past 52 weeks.
• Institutional ownership stands at 22.47%, with several funds increasing their positions. Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $17.75.

Electrovaya (NASDAQ:ELVA - Get Free Report) issued its quarterly earnings results on Monday. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.02), Zacks reports. Electrovaya had a net margin of 7.03% and a return on equity of 11.35%.

Electrovaya Stock Down 4.4%

Shares of ELVA stock traded down $0.43 on Monday, hitting $9.28. The stock had a trading volume of 660,493 shares, compared to its average volume of 706,250. The firm has a market capitalization of $459.45 million, a price-to-earnings ratio of 77.34, a P/E/G ratio of 1.30 and a beta of 1.69. The stock's 50 day moving average is $9.59 and its 200-day moving average is $9.28. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66. Electrovaya has a 52-week low of $4.10 and a 52-week high of $12.78.

Hedge Funds Weigh In On Electrovaya

A number of institutional investors have recently added to or reduced their stakes in ELVA. State Street Corp acquired a new position in shares of Electrovaya in the fourth quarter worth about $267,000. Wells Fargo & Company MN boosted its holdings in Electrovaya by 286.8% in the fourth quarter. Wells Fargo & Company MN now owns 15,510 shares of the company's stock valued at $123,000 after purchasing an additional 11,500 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Electrovaya by 297.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 48,925 shares of the company's stock worth $386,000 after purchasing an additional 36,601 shares during the last quarter. LPL Financial LLC purchased a new stake in Electrovaya during the 4th quarter worth approximately $219,000. Finally, Geode Capital Management LLC raised its position in shares of Electrovaya by 76.5% in the 4th quarter. Geode Capital Management LLC now owns 25,962 shares of the company's stock valued at $205,000 after purchasing an additional 11,253 shares in the last quarter. Institutional investors and hedge funds own 22.47% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ELVA. Raymond James Financial reiterated a "strong-buy" rating on shares of Electrovaya in a research note on Thursday, July 16th. Roth Capital restated a "buy" rating on shares of Electrovaya in a research report on Wednesday, July 15th. Weiss Ratings restated a "hold (c)" rating on shares of Electrovaya in a research report on Wednesday, June 24th. Finally, HC Wainwright lifted their price target on shares of Electrovaya from $10.00 to $15.00 and gave the company a "buy" rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.75.

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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