Electrovaya (NASDAQ:ELVA) Trading 11.9% Higher - Should You Buy?

Key Points

• Electrovaya shares jumped 11.9% on Tuesday, trading as high as $10.08 after closing at $9.16, though volume was below average.
• Analyst sentiment remains constructive: the stock has a Moderate Buy rating overall, with an average price target of $17.75. Recent calls included a target increase from HC Wainwright to $15 and reaffirmed Buy/Strong Buy ratings from other firms.
• The company’s latest earnings showed modest beats on both EPS and revenue, with Q1 EPS of $0.02 versus $0.01 expected and revenue of $18.05 million versus $17.74 million expected.

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) traded up 11.9% during trading on Tuesday . The stock traded as high as $10.08 and last traded at $10.2470. 603,662 shares traded hands during trading, a decline of 16% from the average session volume of 718,279 shares. The stock had previously closed at $9.16.

Analyst Ratings Changes

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

Electrovaya Trading Up 11.6%

The company has a 50 day moving average of $10.12 and a 200-day moving average of $9.27. The stock has a market cap of $506.09 million, a price-to-earnings ratio of 85.51, a price-to-earnings-growth ratio of 1.27 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.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Huntleigh Advisors Inc. acquired a new stake in Electrovaya in the 4th quarter valued at about $1,182,000. Triasima Portfolio Management inc. acquired a new position in shares of Electrovaya during the fourth quarter worth about $1,285,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Electrovaya during the fourth quarter worth about $700,000. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Electrovaya during the fourth quarter worth approximately $4,976,000. Finally, WealthTrust Axiom LLC increased its stake in shares of Electrovaya by 23.1% during the fourth quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company's stock worth $3,996,000 after buying an additional 94,950 shares during the period. Institutional investors and hedge funds own 22.47% of the company's stock.

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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