Triasima Portfolio Management inc. Invests $1.29 Million in Electrovaya Inc. $ELVA

Key Points

• Triasima Portfolio Management purchased a new 4th-quarter position of 162,522 shares in Electrovaya, valued at approximately $1.29 million, representing about 0.34% of the company; other institutions also added small stakes and total institutional ownership stands at 22.47%.
• Electrovaya beat quarterly EPS estimates with $0.02 per share (vs. $0.01 consensus) but reported revenue of $15.5 million, below the $16.71 million estimate; the company has a market cap of $470.35 million and a high P/E of 79.17.
• Analysts have a consensus rating of "Moderate Buy" with a consensus price target of $11.17, including recent support from Raymond James (strong-buy) and Roth MKM (buy, $10 target).

Triasima Portfolio Management inc. purchased a new position in shares of Electrovaya Inc. (NASDAQ:ELVA - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 162,522 shares of the company's stock, valued at approximately $1,285,000. Triasima Portfolio Management inc. owned approximately 0.34% of Electrovaya at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ELVA. Solstein Capital LLC purchased a new stake in shares of Electrovaya during the 3rd quarter worth approximately $29,000. Global Retirement Partners LLC acquired a new position in Electrovaya during the third quarter worth about $46,000. TD Waterhouse Canada Inc. raised its position in Electrovaya by 737.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 9,085 shares of the company's stock worth $72,000 after acquiring an additional 8,000 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Electrovaya in the third quarter valued at approximately $74,000. Finally, Millennium Management LLC acquired a new position in Electrovaya in the 3rd quarter valued at $95,000. Hedge funds and other institutional investors own 22.47% of the company's stock.

Electrovaya Stock Performance

NASDAQ ELVA opened at $9.50 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.02 and a quick ratio of 4.69. Electrovaya Inc. has a 1-year low of $2.55 and a 1-year high of $11.88. The firm has a market capitalization of $470.35 million, a P/E ratio of 79.17, a P/E/G ratio of 1.18 and a beta of 1.44. The business's 50-day simple moving average is $8.30 and its 200-day simple moving average is $7.63.

Electrovaya (NASDAQ:ELVA - Get Free Report) last posted its earnings results on Thursday, February 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. Electrovaya had a net margin of 7.07% and a return on equity of 14.29%. The firm had revenue of $15.50 million during the quarter, compared to the consensus estimate of $16.71 million. Equities analysts predict that Electrovaya Inc. will post 0.15 EPS for the current year.

Analysts Set New Price Targets

ELVA has been the subject of several analyst reports. Raymond James Financial reiterated a "strong-buy" rating on shares of Electrovaya in a report on Wednesday, March 18th. Weiss Ratings reiterated a "hold (c)" rating on shares of Electrovaya in a report on Friday, March 27th. Finally, Roth Mkm restated a "buy" rating and set a $10.00 price objective on shares of Electrovaya in a report on Friday, February 13th. One research 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 data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.17.

About Electrovaya

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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