Polar Asset Management Partners Inc. Sells 419,077 Shares of Electrovaya Inc. $ELVA

Key Points

• Polar Asset Management reduced its Electrovaya stake by 35.7%, selling 419,077 shares in the first quarter and retaining 755,723 shares, or approximately 1.53% of the company. Institutional investors collectively own 22.47% of ELVA.
• Analysts remain broadly optimistic, with Electrovaya carrying a “Moderate Buy” consensus rating and an average price target of $17.75. HC Wainwright recently raised its target from $10 to $15, while Roth Capital and Raymond James reiterated bullish ratings.
• Electrovaya exceeded quarterly expectations, reporting $0.02 in EPS versus a $0.01 estimate and $18.05 million in revenue versus $17.74 million expected. The stock opened at $8.33, compared with a 12-month range of $4.10 to $12.78.

Polar Asset Management Partners Inc. lessened its stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 35.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 755,723 shares of the company's stock after selling 419,077 shares during the quarter. Polar Asset Management Partners Inc. owned about 1.53% of Electrovaya worth $5,910,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Thompson Siegel & Walmsley LLC acquired a new stake in Electrovaya during the fourth quarter worth about $4,976,000. Bank of America Corp DE raised its position in shares of Electrovaya by 76,081.0% in the 3rd quarter. Bank of America Corp DE now owns 304,724 shares of the company's stock valued at $1,795,000 after buying an additional 304,324 shares in the last quarter. Conestoga Capital Advisors LLC acquired a new position in shares of Electrovaya in the 4th quarter valued at approximately $2,080,000. Granahan Investment Management LLC bought a new stake in shares of Electrovaya during the 4th quarter worth approximately $1,540,000. Finally, Lazard Asset Management LLC lifted its holdings in shares of Electrovaya by 188.9% during the 1st 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 during the period. Institutional investors own 22.47% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ELVA. Weiss Ratings reiterated a "hold (c)" rating on shares of Electrovaya in a research report on Wednesday, June 24th. Roth Capital restated a "buy" rating on shares of Electrovaya in a research report on Wednesday, July 15th. Raymond James Financial restated a "strong-buy" rating on shares of Electrovaya in a research note on Thursday, July 16th. Finally, HC Wainwright raised their target price on Electrovaya from $10.00 to $15.00 and gave the company a "buy" rating in a report on Friday, May 15th. One equities 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $17.75.

Electrovaya Price Performance

ELVA stock opened at $8.33 on Monday. The stock has a market capitalization of $412.42 million, a P/E ratio of 69.42, a price-to-earnings-growth ratio of 1.11 and a beta of 1.62. The company has a current ratio of 7.66, a quick ratio of 5.93 and a debt-to-equity ratio of 0.54. Electrovaya Inc. has a 12 month low of $4.10 and a 12 month high of $12.78. The firm has a 50-day moving average price of $10.01 and a 200-day moving average price of $9.30.

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