Electrovaya (NASDAQ:ELVA) Upgraded to Hold at Zacks Research

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 research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Separately, Wall Street Zen downgraded Electrovaya from a "buy" rating to a "hold" rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $6.13.

Electrovaya Stock Down 1.2%

ELVA opened at $5.90 on Thursday. Electrovaya has a fifty-two week low of $1.73 and a fifty-two week high of $6.70. The business has a 50-day moving average of $4.84 and a 200-day moving average of $3.51. 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 capitalization of $236.63 million, a PE ratio of 196.73 and a beta of 1.59.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). Electrovaya had a return on equity of 6.66% and a net margin of 2.19%.The firm 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. Equities research analysts forecast that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC acquired a new stake in Electrovaya in the 4th quarter valued at approximately $64,000. Polar Asset Management Partners Inc. acquired a new stake in Electrovaya in the 4th quarter valued at approximately $5,372,000. AMH Equity Ltd acquired a new stake in Electrovaya in the 1st quarter valued at approximately $231,000. Mink Brook Asset Management LLC grew its holdings in Electrovaya by 8.3% in the 1st quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company's stock valued at $874,000 after buying an additional 28,935 shares during the last quarter. Finally, WealthTrust Axiom LLC grew its holdings in Electrovaya by 133.9% in the 1st quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company's stock valued at $910,000 after buying an additional 225,629 shares during the last quarter. 22.47% of the stock is owned by institutional investors.

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.

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