Electrovaya Inc. $ELVA Shares Sold by Triasima Portfolio Management inc.

Key Points

• Triasima Portfolio Management cut its Electrovaya stake by 92.2% in the third quarter, selling 255,210 shares and retaining 21,566 shares valued at approximately $141,000.
• Electrovaya shares fell 5.4% to $5.07, well below their 52-week high of $12.78. The company’s latest quarterly results missed analyst expectations for both earnings and revenue.
• Despite mixed analyst views, Electrovaya has a consensus “Moderate Buy” rating and a $17.50 price target, substantially above its current share price.

Triasima Portfolio Management inc. lowered its stake in shares of Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 92.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,566 shares of the company's stock after selling 255,210 shares during the quarter. Triasima Portfolio Management inc.'s holdings in Electrovaya were worth $141,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Lazard Asset Management LLC grew its position in Electrovaya by 188.9% in the first quarter. Lazard Asset Management LLC now owns 249,429 shares of the company's stock worth $1,951,000 after acquiring an additional 163,082 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Electrovaya during the second quarter valued at about $146,000. Dimensional Fund Advisors LP lifted its stake in Electrovaya by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company's stock worth $451,000 after purchasing an additional 8,983 shares during the last quarter. Granahan Investment Management LLC lifted its stake in Electrovaya by 2.7% during the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company's stock worth $1,566,000 after purchasing an additional 5,234 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in Electrovaya by 1,631.6% during the third quarter. Farther Finance Advisors LLC now owns 4,000 shares of the company's stock worth $26,000 after purchasing an additional 3,769 shares during the last quarter. 22.47% of the stock is owned by institutional investors.

Electrovaya Trading Down 5.4%

NASDAQ:ELVA traded down $0.29 during trading hours on Friday, reaching $5.07. The company's stock had a trading volume of 451,998 shares, compared to its average volume of 393,843. The firm has a market capitalization of $253.50 million, a price-to-earnings ratio of 46.10, a PEG ratio of 0.42 and a beta of 1.64. The firm has a 50-day simple moving average of $6.59 and a 200-day simple moving average of $8.56. Electrovaya Inc. has a 1 year low of $4.10 and a 1 year high of $12.78. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.72 and a current ratio of 7.53.

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

Analysts Set New Price Targets

ELVA has been the topic of several recent research reports. Oppenheimer reduced their price objective on Electrovaya from $14.00 to $13.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 12th. Raymond James Financial reissued a "strong-buy" rating on shares of Electrovaya in a report on Thursday, July 16th. Roth Capital restated a "buy" rating on shares of Electrovaya in a research report on Wednesday, July 15th. Weiss Ratings lowered Electrovaya from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Finally, Wall Street Zen lowered Electrovaya from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.50.

Electrovaya Profile

Electrovaya Inc is a Canadian battery technology company that develops and manufactures lithium-ion batteries, battery systems and related energy-storage solutions. Its technologies are designed to provide high energy density, long cycle life and enhanced safety for applications that require reliable rechargeable power.

The company's products serve markets including electric material-handling equipment, such as industrial forklifts, as well as electric mobility, transportation and stationary energy storage.

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