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

Wall Street Zen upgraded shares of Electrovaya (NASDAQ:ELVA - Free Report) from a hold rating to a buy rating in a research report report published on Sunday morning.

Electrovaya Stock Performance

Shares of ELVA stock traded up $0.84 during mid-day trading on Friday, hitting $4.66. The stock had a trading volume of 912,125 shares, compared to its average volume of 68,887. Electrovaya has a 12-month low of $1.67 and a 12-month high of $4.75. The firm's 50-day moving average is $3.39 and its two-hundred day moving average is $2.81. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.89 and a quick ratio of 3.01.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). The company had revenue of $15.02 million for the quarter, compared to analysts' expectations of $15.95 million. Electrovaya had a negative return on equity of 0.21% and a negative net margin of 0.06%. Equities analysts anticipate that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. AIGH Capital Management LLC increased its holdings in shares of Electrovaya by 3.2% in the fourth quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company's stock valued at $6,262,000 after purchasing an additional 77,473 shares during the period. Polar Asset Management Partners Inc. acquired a new position in shares of Electrovaya in the fourth quarter valued at about $5,372,000. Herald Investment Management Ltd increased its holdings 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 purchasing an additional 85,000 shares during the period. WealthTrust Axiom LLC increased its holdings in shares of Electrovaya by 133.9% in the first quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company's stock valued at $910,000 after purchasing an additional 225,629 shares during the period. Finally, Mink Brook Asset Management LLC increased its holdings in shares of Electrovaya by 8.3% in the first quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company's stock valued at $874,000 after purchasing an additional 28,935 shares during the period. 22.47% of the stock is owned by institutional investors and hedge funds.

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.