Electrovaya Target of Unusually Large Options Trading (NASDAQ:ELVA)

Key Points

• Electrovaya saw unusually heavy options activity on Wednesday, with 6,804 call options traded — a 2,771% jump above its average daily volume.
• The stock surged 45% to $11.44, near its 52-week high of $12.78, amid very high trading volume of 23.5 million shares.
• Analyst sentiment remains positive overall, with a Moderate Buy consensus and an average price target of $14.62; HC Wainwright recently raised its target to $15.

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Stock investors bought 6,804 call options on the stock. This is an increase of 2,771% compared to the average daily volume of 237 call options.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Roth Capital reaffirmed a "buy" rating on shares of Electrovaya in a research note on Wednesday. Weiss Ratings reissued a "hold (c)" rating on shares of Electrovaya in a research report on Wednesday, June 24th. HC Wainwright lifted their price target on Electrovaya from $10.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, May 15th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Electrovaya in a research note on Wednesday, March 18th. One investment 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 company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.62.

Institutional Investors Weigh In On Electrovaya

Several hedge funds and other institutional investors have recently modified their holdings of ELVA. Allworth Financial LP raised its stake in shares of Electrovaya by 4,900.0% in the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company's stock worth $32,000 after buying an additional 3,920 shares during the period. TD Waterhouse Canada Inc. grew its stake in shares of Electrovaya by 737.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company's stock valued at $72,000 after acquiring an additional 8,000 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of Electrovaya during the 3rd quarter valued at approximately $74,000. NewEdge Advisors LLC purchased a new stake in Electrovaya in the 4th quarter worth approximately $79,000. Finally, Millennium Management LLC purchased a new stake in Electrovaya in the 3rd quarter worth approximately $95,000. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

Electrovaya Stock Up 45.0%

NASDAQ ELVA traded up $3.55 during mid-day trading on Wednesday, reaching $11.44. The stock had a trading volume of 23,479,719 shares, compared to its average volume of 645,153. The stock has a market cap of $566.44 million, a PE ratio of 95.07, a price-to-earnings-growth ratio of 1.01 and a beta of 1.62. Electrovaya has a 1 year low of $3.55 and a 1 year high of $12.78. The company has a debt-to-equity ratio of 0.54, a current ratio of 7.66 and a quick ratio of 5.93. The company has a fifty day moving average price of $10.16 and a 200 day moving average price of $9.21.

Electrovaya (NASDAQ:ELVA - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.02 EPS for the quarter, topping 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 company had revenue of $18.05 million during the quarter, compared to the consensus estimate of $17.74 million. On average, research analysts expect that Electrovaya will post 0.14 earnings per share for the current year.

Electrovaya Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.