Electrovaya (NASDAQ:ELVA) Upgraded by Zacks Research to "Hold" Rating

Key Points

• Zacks Research upgraded Electrovaya from a "strong sell" to a "hold" rating, while Wall Street Zen simultaneously downgraded it from "buy" to "hold."
• Electrovaya's recent earnings report showed a miss in earnings per share, with actual earnings of $0.02 compared to the expected $0.04.
• The stock is trading at around $5.90, with analysts indicating a consensus price target of $6.13.

Electrovaya (NASDAQ:ELVA - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Thursday, September 11th,Zacks.com reports.

Separately, Wall Street Zen lowered Electrovaya from a "buy" rating to a "hold" rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $6.13.

Electrovaya Stock Up 3.6%

NASDAQ ELVA traded up $0.24 during midday trading on Thursday, hitting $6.85. 500,798 shares of the company traded hands, compared to its average volume of 145,244. Electrovaya has a 52 week low of $1.73 and a 52 week high of $7.08. The company's 50-day simple moving average is $5.01 and its 200-day simple moving average is $3.59. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.03 and a quick ratio of 2.88. The company has a market cap of $274.55 million, a PE ratio of 229.88 and a beta of 1.59.

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

Hedge Funds Weigh In On Electrovaya

Several institutional investors and hedge funds have recently modified their holdings of the business. Polar Asset Management Partners Inc. purchased a new position in Electrovaya during the fourth quarter worth approximately $5,372,000. Herald Investment Management Ltd boosted its holdings in shares of Electrovaya by 7.2% during the 2nd quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company's stock worth $4,314,000 after purchasing an additional 85,000 shares during the last quarter. WealthTrust Axiom LLC boosted its holdings in shares of Electrovaya by 5.5% during the 2nd quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company's stock worth $1,417,000 after purchasing an additional 21,525 shares during the last quarter. Mink Brook Asset Management LLC boosted its holdings in shares of Electrovaya by 4.4% during the 2nd quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company's stock worth $1,347,000 after purchasing an additional 16,713 shares during the last quarter. Finally, Penbrook Management LLC lifted its holdings in 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 last quarter. Hedge funds and other 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.