Bank of America Corp DE Lowers Stock Holdings in Electrovaya Inc. $ELVA

Key Points

• Bank of America cut its Electrovaya stake by 73.2% in the first quarter, selling 161,570 shares and retaining 59,129 shares valued at approximately $462,000. Institutional investors and hedge funds collectively own 22.47% of the company.
• Electrovaya reported quarterly revenue of $17.71 million and earnings of $0.01 per share, missing analyst estimates of $21.44 million and $0.03 per share, respectively. The stock opened at $7.15, compared with a 52-week range of $4.10 to $12.78.
• Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $17.50, although ratings range from “sell” to “strong buy.” Oppenheimer lowered its target to $13, while HC Wainwright raised its target to $15.

Bank of America Corp DE cut its holdings in shares of Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 73.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,129 shares of the company's stock after selling 161,570 shares during the period. Bank of America Corp DE owned about 0.12% of Electrovaya worth $462,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ELVA. Lazard Asset Management LLC grew its holdings in shares of Electrovaya by 188.9% in the first quarter. Lazard Asset Management LLC now owns 249,429 shares of the company's stock valued at $1,951,000 after purchasing an additional 163,082 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Electrovaya during the 4th quarter worth approximately $700,000. Thompson Siegel & Walmsley LLC purchased a new position in Electrovaya in the 4th quarter valued at approximately $4,976,000. WealthTrust Axiom LLC boosted its position in Electrovaya by 23.1% in the 4th quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company's stock valued at $3,996,000 after buying an additional 94,950 shares during the period. Finally, Allworth Financial LP increased its position in shares of Electrovaya by 4,900.0% during the fourth quarter. Allworth Financial LP now owns 4,000 shares of the company's stock worth $32,000 after acquiring an additional 3,920 shares during the period. Institutional investors and hedge funds own 22.47% of the company's stock.

Electrovaya Stock Performance

Shares of Electrovaya stock opened at $7.15 on Wednesday. The company has a quick ratio of 5.72, a current ratio of 7.53 and a debt-to-equity ratio of 0.60. Electrovaya Inc. has a 52 week low of $4.10 and a 52 week high of $12.78. The firm's 50 day moving average is $8.20 and its two-hundred day moving average is $8.88. The firm has a market capitalization of $354.00 million, a P/E ratio of 65.01, a P/E/G ratio of 1.84 and a beta of 1.64.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02). Electrovaya had a return on equity of 7.96% and a net margin of 6.14%.The company had revenue of $17.71 million for the quarter, compared to analysts' expectations of $21.44 million. Research analysts forecast that Electrovaya Inc. will post 0.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ELVA. Wall Street Zen cut Electrovaya from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Weiss Ratings restated a "hold (c)" rating on shares of Electrovaya in a report on Wednesday, June 24th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Electrovaya in a research report on Thursday, July 16th. Oppenheimer decreased their price objective on Electrovaya from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. Finally, HC Wainwright boosted their price objective on Electrovaya from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $17.50.

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.

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