Herald Investment Management Ltd Buys 85,000 Shares of Electrovaya Inc. $ELVA

Key Points

• Herald Investment Management Ltd increased its stake in Electrovaya Inc., acquiring 85,000 additional shares, resulting in a total ownership of 1,265,000 shares worth approximately $4.31 million.
• The stock of Electrovaya opened at $6.18, with a market capitalization of $247.88 million and a one-year high of $7.49.
• Analysts have given mixed ratings for Electrovaya, with a current average rating of "Moderate Buy" and an average price target set at $6.50.

Herald Investment Management Ltd raised its stake in shares of Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 7.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,265,000 shares of the company's stock after purchasing an additional 85,000 shares during the period. Herald Investment Management Ltd owned 3.15% of Electrovaya worth $4,314,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Citadel Advisors LLC acquired a new position in Electrovaya in the 4th quarter valued at $64,000. AMH Equity Ltd bought a new stake in Electrovaya during the first quarter valued at about $231,000. Mink Brook Asset Management LLC grew its position in shares of Electrovaya by 8.3% in the first quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company's stock valued at $874,000 after purchasing an additional 28,935 shares during the last quarter. Finally, WealthTrust Axiom LLC increased its stake in shares of Electrovaya by 133.9% in the first quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company's stock worth $910,000 after purchasing an additional 225,629 shares during the period. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Electrovaya Stock Performance

Shares of ELVA stock opened at $6.18 on Monday. The stock has a market cap of $247.88 million, a PE ratio of 206.07 and a beta of 1.54. The stock has a 50-day moving average of $5.61 and a 200-day moving average of $3.96. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.03 and a quick ratio of 2.88. Electrovaya Inc. has a one year low of $1.73 and a one year high of $7.49.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Electrovaya had a return on equity of 6.66% and a net margin of 2.19%.The firm had revenue of $17.13 million during the quarter, compared to analyst estimates of $17.25 million. Electrovaya has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Electrovaya Inc. will post 0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ELVA shares. Zacks Research raised Electrovaya from a "strong sell" rating to a "hold" rating in a report on Thursday, September 11th. Wall Street Zen cut Electrovaya from a "buy" rating to a "hold" rating in a research report on Sunday, September 28th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Electrovaya in a research report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $6.50.

Electrovaya Company Profile

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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