AIGH Capital Management LLC Cuts Stock Holdings in Electrovaya Inc. (NASDAQ:ELVA)

AIGH Capital Management LLC cut its stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 10.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,262,323 shares of the company's stock after selling 262,776 shares during the period. Electrovaya makes up about 2.2% of AIGH Capital Management LLC's holdings, making the stock its 17th largest holding. AIGH Capital Management LLC owned approximately 5.64% of Electrovaya worth $5,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ELVA. XTX Topco Ltd purchased a new position in Electrovaya in the fourth quarter valued at $27,000. Citadel Advisors LLC purchased a new stake in shares of Electrovaya during the 4th quarter worth approximately $64,000. AMH Equity Ltd acquired a new position in shares of Electrovaya during the 1st quarter worth approximately $231,000. WealthTrust Axiom LLC raised its holdings in Electrovaya by 181.2% in the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company's stock valued at $418,000 after acquiring an additional 108,550 shares during the last quarter. Finally, Manatuck Hill Partners LLC acquired a new stake in shares of Electrovaya during the 4th quarter worth $434,000. 22.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Electrovaya from a "hold" rating to a "buy" rating in a research report on Sunday. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $6.10.

Electrovaya Trading Up 1.5%

Electrovaya stock traded up $0.06 during midday trading on Tuesday, reaching $3.82. The stock had a trading volume of 194,684 shares, compared to its average volume of 64,575. The firm's fifty day simple moving average is $3.35 and its two-hundred day simple moving average is $2.79. Electrovaya Inc. has a twelve month low of $1.67 and a twelve month high of $4.07. The company has a current ratio of 3.89, a quick ratio of 3.01 and a debt-to-equity ratio of 0.69.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The firm had revenue of $15.02 million during the quarter, compared to the consensus estimate of $15.95 million. Electrovaya had a negative return on equity of 0.21% and a negative net margin of 0.06%. As a group, sell-side analysts anticipate that Electrovaya Inc. will post 0.1 earnings per share for the current fiscal year.

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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