AMH Equity Ltd Takes $231,000 Position in Electrovaya Inc. (NASDAQ:ELVA)

AMH Equity Ltd bought a new stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 100,000 shares of the company's stock, valued at approximately $231,000. AMH Equity Ltd owned 0.25% of Electrovaya at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Polar Asset Management Partners Inc. acquired a new stake in Electrovaya during the 4th quarter worth approximately $5,372,000. Mink Brook Asset Management LLC acquired a new stake in shares of Electrovaya during the fourth quarter worth $867,000. Citadel Advisors LLC acquired a new stake in shares of Electrovaya during the fourth quarter worth $64,000. Alyeska Investment Group L.P. acquired a new position in Electrovaya in the 4th quarter valued at $435,000. Finally, Manatuck Hill Partners LLC purchased a new position in Electrovaya during the 4th quarter worth $434,000. Hedge funds and other institutional investors own 22.47% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Electrovaya from a "hold" rating to a "buy" rating in a research note on Sunday. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $6.10.

Electrovaya Trading Down 2.6%

Shares of NASDAQ:ELVA traded down $0.10 during trading on Friday, reaching $3.69. The stock had a trading volume of 31,975 shares, compared to its average volume of 63,682. The company has a debt-to-equity ratio of 0.69, a quick ratio of 3.01 and a current ratio of 3.89. The business has a fifty day moving average price of $3.35 and a 200-day moving average price of $2.79. Electrovaya Inc. has a fifty-two week low of $1.67 and a fifty-two week high of $4.07.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). Electrovaya had a negative return on equity of 0.21% and a negative net margin of 0.06%. The company had revenue of $15.02 million for the quarter, compared to analysts' expectations of $15.95 million. As a group, analysts predict 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.