Electrovaya (NASDAQ:ELVA) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Electrovaya has been downgraded by Zacks Research from a "hold" rating to a "strong sell" rating, indicating a significant change in outlook for the company.
• Despite the downgrade, some analysts still maintain a more optimistic view with an average rating of "Moderate Buy" and a price target of $6.50.
• The company recently reported earnings of $0.02 per share, missing expectations, and has set a fiscal year 2025 EPS guidance in line with recent analyst predictions.

Electrovaya (NASDAQ:ELVA - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Monday,Zacks.com reports.

Several other analysts also recently commented on ELVA. Weiss Ratings reiterated a "hold (c-)" rating on shares of Electrovaya in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Electrovaya from a "buy" rating to a "hold" rating in a report on Sunday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $6.50.

Electrovaya Stock Performance

ELVA opened at $7.37 on Monday. The company has a current ratio of 4.03, a quick ratio of 2.88 and a debt-to-equity ratio of 0.91. The company's fifty day moving average price is $5.90 and its two-hundred day moving average price is $4.16. Electrovaya has a 1-year low of $1.73 and a 1-year high of $7.72. The company has a market cap of $295.61 million, a price-to-earnings ratio of 245.75 and a beta of 1.54.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm 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. On average, analysts expect that Electrovaya will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mink Brook Asset Management LLC boosted its position in shares of Electrovaya by 4.4% in the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company's stock valued at $1,347,000 after acquiring an additional 16,713 shares during the period. WealthTrust Axiom LLC boosted its position in shares of Electrovaya by 5.5% in the second quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company's stock valued at $1,417,000 after acquiring an additional 21,525 shares during the period. Herald Investment Management Ltd boosted its position 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 valued at $4,314,000 after acquiring an additional 85,000 shares during the period. AMH Equity Ltd bought a new position in shares of Electrovaya in the first quarter valued at approximately $231,000. Finally, Penbrook Management LLC boosted its position in shares of Electrovaya by 69.1% in the second quarter. Penbrook Management LLC now owns 308,111 shares of the company's stock valued at $1,050,000 after acquiring an additional 125,896 shares during the period. Institutional investors 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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