Electrovaya (NASDAQ:ELVA) Rating Increased to Buy at Wall Street Zen

Key Points

• Electrovaya has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, with an average price target of $6.13 as analysts express growing confidence in the stock.
• The company's stock opened at $7.00, showing a significant increase from its twelve-month low of $1.73, with a market capitalization of approximately $280.77 million.
• Electrovaya reported quarterly earnings with $0.02 earnings per share, missing estimates, and generated revenue of $17.13 million, just shy of analyst expectations.

Electrovaya (NASDAQ:ELVA - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Separately, Zacks Research raised Electrovaya from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $6.13.

Electrovaya Stock Up 5.5%

Electrovaya stock traded up $0.38 during trading hours on Friday, hitting $7.18. 34,851 shares of the stock traded hands, compared to its average volume of 148,028. The firm's 50-day moving average price is $5.19 and its two-hundred day moving average price is $3.71. 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 has a market cap of $287.87 million, a PE ratio of 240.55 and a beta of 1.58. Electrovaya has a one year low of $1.73 and a one year high of $7.14.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $17.13 million for the quarter, compared to the consensus estimate of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. On average, research analysts forecast that Electrovaya will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Mink Brook Asset Management LLC raised its stake in Electrovaya by 4.4% during the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company's stock valued at $1,347,000 after purchasing an additional 16,713 shares during the period. WealthTrust Axiom LLC raised its stake in Electrovaya by 5.5% during the 2nd quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company's stock valued at $1,417,000 after purchasing an additional 21,525 shares during the period. AMH Equity Ltd raised its stake in Electrovaya by 100.0% during the 2nd quarter. AMH Equity Ltd now owns 200,000 shares of the company's stock valued at $682,000 after purchasing an additional 100,000 shares during the period. Penbrook Management LLC raised its stake in Electrovaya by 69.1% during the 2nd quarter. Penbrook Management LLC now owns 308,111 shares of the company's stock valued at $1,050,000 after purchasing an additional 125,896 shares during the period. Finally, Herald Investment Management Ltd raised its stake in Electrovaya by 7.2% during the 2nd quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company's stock valued at $4,314,000 after purchasing an additional 85,000 shares during the period. Institutional investors own 22.47% of the company's stock.

Electrovaya Company Profile

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.