Conestoga Capital Advisors LLC Takes $2.08 Million Position in Electrovaya Inc. $ELVA

Key Points

• Conestoga Capital Advisors opened a new position in Electrovaya, buying 263,320 shares valued at about $2.08 million, representing roughly 0.55% of the company at quarter end, while hedge funds and institutions now own about 22.47% of the stock.
• Analyst sentiment is mixed-to-positive with a consensus rating of "Moderate Buy" and an average price target of $11.17 (1 Strong Buy, 2 Buy, 2 Hold).
• Electrovaya posted Q4 EPS $0.02 (vs. $0.01 expected) but revenue of $15.5M missed estimates; the stock has a market cap of ~$458.5M and opened at $9.26 (1‑year range: $2.55–$11.88).

Conestoga Capital Advisors LLC acquired a new position in shares of Electrovaya Inc. (NASDAQ:ELVA - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 263,320 shares of the company's stock, valued at approximately $2,080,000. Conestoga Capital Advisors LLC owned approximately 0.55% of Electrovaya at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Huntleigh Advisors Inc. purchased a new position in shares of Electrovaya during the fourth quarter worth about $1,182,000. TD Waterhouse Canada Inc. grew its holdings in shares of Electrovaya by 737.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company's stock worth $72,000 after purchasing an additional 8,000 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of Electrovaya during the fourth quarter worth about $379,000. Thompson Davis & CO. Inc. purchased a new position in shares of Electrovaya during the fourth quarter worth about $318,000. Finally, Penbrook Management LLC grew its holdings in shares of Electrovaya by 13.6% during the fourth quarter. Penbrook Management LLC now owns 349,861 shares of the company's stock worth $2,764,000 after purchasing an additional 41,950 shares in the last quarter. Hedge funds and other institutional investors own 22.47% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on ELVA shares. Roth Mkm reissued a "buy" rating and set a $10.00 price objective on shares of Electrovaya in a report on Friday, February 13th. Raymond James Financial reissued a "strong-buy" rating on shares of Electrovaya in a report on Wednesday, March 18th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Electrovaya in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Electrovaya currently has a consensus rating of "Moderate Buy" and an average price target of $11.17.

Electrovaya Stock Up 2.9%

Shares of ELVA opened at $9.26 on Friday. The firm has a market cap of $458.46 million, a P/E ratio of 77.17, a P/E/G ratio of 1.12 and a beta of 1.41. The stock has a 50 day simple moving average of $8.30 and a two-hundred day simple moving average of $7.63. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.02 and a quick ratio of 4.69. Electrovaya Inc. has a 1 year low of $2.55 and a 1 year high of $11.88.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $15.50 million during the quarter, compared to analyst estimates of $16.71 million. Electrovaya had a return on equity of 14.29% and a net margin of 7.07%. On average, analysts forecast that Electrovaya Inc. will post 0.15 earnings per share for the current fiscal 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.

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