Polar Asset Management Partners Inc. Purchases Shares of 2,166,281 Electrovaya Inc. (NASDAQ:ELVA)

Polar Asset Management Partners Inc. bought a new stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,166,281 shares of the company's stock, valued at approximately $5,372,000. Polar Asset Management Partners Inc. owned 5.40% of Electrovaya as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in ELVA. XTX Topco Ltd bought a new position in Electrovaya during the fourth quarter worth $27,000. Citadel Advisors LLC purchased a new stake in shares of Electrovaya in the 4th quarter valued at approximately $64,000. WealthTrust Axiom LLC boosted its position in Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock worth $418,000 after acquiring an additional 108,550 shares during the period. Manatuck Hill Partners LLC acquired a new position in shares of Electrovaya in the fourth quarter worth $434,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Electrovaya in the fourth quarter valued at approximately $435,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ELVA has been the topic of several research analyst reports. Roth Mkm restated a "buy" rating and issued a $5.00 price target (up from $4.00) on shares of Electrovaya in a research report on Friday, February 14th. HC Wainwright restated a "buy" rating and set a $10.00 target price on shares of Electrovaya in a research report on Friday, February 14th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $6.10.

Electrovaya Stock Performance

NASDAQ ELVA traded down $0.12 on Friday, reaching $3.08. The stock had a trading volume of 22,338 shares, compared to its average volume of 54,733. The firm has a fifty day moving average of $2.69 and a two-hundred day moving average of $2.55. Electrovaya Inc. has a 1-year low of $1.67 and a 1-year high of $3.44. The company has a market cap of $123.53 million, a P/E ratio of -77.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.55 and a quick ratio of 0.69.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. The firm had revenue of $15.02 million for the quarter, compared to analyst estimates of $15.95 million. On average, equities research analysts anticipate that Electrovaya Inc. will post 0.1 EPS for the current year.

Electrovaya Profile

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.