Electrovaya (NASDAQ:ELVA) Shares Gap Up - Still a Buy?

Key Points

• Electrovaya shares gapped up sharply before the open, jumping from a prior close of $7.89 to an opening price of $12.20 and last trading around $11.14 on very heavy volume.
• Analysts remain mostly bullish, with a consensus rating of “Moderate Buy” and an average price target of $14.62. Recent firms including HC Wainwright and Roth Capital raised targets, while Raymond James reiterated a strong-buy rating.
• The company posted a solid recent quarter, beating EPS expectations with $0.02 per share on revenue of $18.05 million, and analysts expect full-year EPS of about $0.14.

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $7.89, but opened at $12.20. Electrovaya shares last traded at $11.1380, with a volume of 12,269,507 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ELVA shares. HC Wainwright boosted their target price on Electrovaya from $10.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Roth Capital reaffirmed a "buy" rating and issued a $20.00 price target on shares of Electrovaya in a research report on Friday, June 5th. Raymond James Financial reiterated a "strong-buy" rating on shares of Electrovaya in a research note on Wednesday, March 18th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Electrovaya in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.62.

Electrovaya Price Performance

The firm has a market capitalization of $538.32 million, a P/E ratio of 90.68, a PEG ratio of 1.01 and a beta of 1.62. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66. The firm has a 50-day moving average of $10.16 and a 200-day moving average of $9.21.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%.The business had revenue of $18.05 million for the quarter, compared to the consensus estimate of $17.74 million. As a group, analysts predict that Electrovaya Inc. will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Electrovaya

Several large investors have recently bought and sold shares of the business. Polar Asset Management Partners Inc. lifted its stake in Electrovaya by 145.5% during the 4th quarter. Polar Asset Management Partners Inc. now owns 1,174,800 shares of the company's stock valued at $9,281,000 after acquiring an additional 696,320 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in shares of Electrovaya during the fourth quarter valued at approximately $4,976,000. WealthTrust Axiom LLC lifted its position in Electrovaya by 23.1% during the fourth quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company's stock valued at $3,996,000 after purchasing an additional 94,950 shares during the period. Mink Brook Asset Management LLC lifted its position in Electrovaya by 4.4% during the second 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. Finally, Penbrook Management LLC boosted its holdings in Electrovaya by 13.6% in the fourth quarter. Penbrook Management LLC now owns 349,861 shares of the company's stock worth $2,764,000 after purchasing an additional 41,950 shares during the last quarter. 22.47% of the stock is currently owned by institutional investors.

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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