Lazard Asset Management LLC Has $1.95 Million Stock Holdings in Electrovaya Inc. $ELVA

Key Points

• Lazard Asset Management increased its Electrovaya stake by 188.9% in the first quarter, owning 249,429 shares worth approximately $1.95 million, or 0.50% of the company. Institutional investors and hedge funds collectively own 22.47% of ELVA.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $17.75. HC Wainwright raised its target from $10 to $15, while Roth Capital and Raymond James maintained bullish ratings.
• Electrovaya reported quarterly revenue of $18.05 million and earnings of $0.02 per share, exceeding analyst estimates. Shares opened at $8.22, compared with a 52-week range of $4.10 to $12.78.

Lazard Asset Management LLC boosted its position in Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 188.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 249,429 shares of the company's stock after acquiring an additional 163,082 shares during the quarter. Lazard Asset Management LLC owned 0.50% of Electrovaya worth $1,951,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ELVA. Mink Brook Asset Management LLC lifted its stake in Electrovaya by 4.4% during the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company's stock worth $1,347,000 after purchasing an additional 16,713 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Electrovaya in the 3rd quarter valued at $74,000. First Trust Advisors LP acquired a new position in shares of Electrovaya during the 3rd quarter worth $468,000. Russell Investments Group Ltd. acquired a new position in shares of Electrovaya during the 3rd quarter worth $887,000. Finally, Virtu Financial LLC bought a new stake in shares of Electrovaya during the 3rd quarter worth $96,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ELVA has been the topic of several research analyst reports. HC Wainwright raised their price objective on Electrovaya from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, May 15th. Roth Capital reissued a "buy" rating on shares of Electrovaya in a research note on Wednesday, July 15th. Raymond James Financial reissued a "strong-buy" rating on shares of Electrovaya in a report on Thursday, July 16th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Electrovaya in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $17.75.

Electrovaya Price Performance

Shares of ELVA opened at $8.22 on Monday. Electrovaya Inc. has a 52 week low of $4.10 and a 52 week high of $12.78. The stock has a market capitalization of $406.97 million, a price-to-earnings ratio of 68.51, a PEG ratio of 1.10 and a beta of 1.69. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.93 and a current ratio of 7.66. The stock has a fifty day moving average of $9.82 and a 200-day moving average of $9.28.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. Electrovaya had a return on equity of 11.35% and a net margin of 7.03%.The business had revenue of $18.05 million for the quarter, compared to analyst estimates of $17.74 million. As a group, sell-side analysts anticipate that Electrovaya Inc. will post 0.14 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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