Polar Asset Management Partners Inc. Sells 224,883 Shares of Electrovaya Inc. $ELVA

Key Points

• Polar Asset Management Partners Inc. has reduced its stake in Electrovaya Inc. by 10.4%, now owning approximately 1.94 million shares valued at $4.48 million.
• After recent analyst updates, Electrovaya's stock ratings have been downgraded, with a consensus rating of "Moderate Buy" and a target price of $6.13.
• Electrovaya reported earnings of $0.02 EPS for the last quarter, missing the consensus estimate by $0.02, with total revenue of $17.13 million.

Polar Asset Management Partners Inc. cut its position in Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,941,398 shares of the company's stock after selling 224,883 shares during the period. Polar Asset Management Partners Inc. owned 4.84% of Electrovaya worth $4,485,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Citadel Advisors LLC bought a new position in Electrovaya in the 4th quarter valued at about $64,000. AMH Equity Ltd bought a new position in Electrovaya in the 1st quarter valued at about $231,000. WealthTrust Axiom LLC lifted its position in Electrovaya by 133.9% in the 1st quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company's stock valued at $910,000 after acquiring an additional 225,629 shares in the last quarter. Finally, Mink Brook Asset Management LLC bought a new position in Electrovaya in the 4th quarter valued at about $867,000. Institutional investors own 22.47% of the company's stock.

Electrovaya Stock Performance

Shares of Electrovaya stock traded down $0.04 during mid-day trading on Tuesday, hitting $5.87. 320,327 shares of the stock were exchanged, compared to its average volume of 431,497. Electrovaya Inc. has a 12 month low of $1.73 and a 12 month high of $6.70. The company has a 50-day simple moving average of $4.69 and a 200 day simple moving average of $3.45. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.88 and a current ratio of 4.03. The company has a market capitalization of $235.45 million, a P/E ratio of 195.73 and a beta of 1.59.

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

Wall Street Analysts Forecast Growth

ELVA has been the topic of several recent research reports. Wall Street Zen cut shares of Electrovaya from a "buy" rating to a "hold" rating in a research report on Monday, July 28th. Zacks Research cut shares of Electrovaya from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Electrovaya currently has an average rating of "Moderate Buy" and a consensus price target of $6.13.

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.