WealthTrust Axiom LLC Buys 225,629 Shares of Electrovaya Inc. $ELVA

Key Points

• WealthTrust Axiom LLC increased its stake in Electrovaya Inc. by 133.9%, acquiring an additional 225,629 shares, bringing its total ownership to approximately 0.98% of the company.
• Analysts have downgraded Electrovaya's stock, with Zacks Research moving it from a "hold" to a "strong sell" rating, while the stock currently holds an average rating of "Moderate Buy" with a consensus price target of $6.13.
• Electrovaya reported a net loss of $0.02 EPS for the latest quarter, falling short of the consensus estimate, with revenues also slightly below expectations at $17.13 million.

WealthTrust Axiom LLC grew its stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 133.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 394,079 shares of the company's stock after purchasing an additional 225,629 shares during the quarter. WealthTrust Axiom LLC owned about 0.98% of Electrovaya worth $910,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. XTX Topco Ltd purchased a new stake in Electrovaya in the fourth quarter worth $27,000. Citadel Advisors LLC purchased a new stake in shares of Electrovaya in the 4th quarter worth about $64,000. AMH Equity Ltd purchased a new stake in shares of Electrovaya in the 1st quarter worth about $231,000. Manatuck Hill Partners LLC bought a new position in shares of Electrovaya in the 4th quarter worth about $434,000. Finally, Alyeska Investment Group L.P. purchased a new position in Electrovaya during the 4th quarter valued at about $435,000. Institutional investors own 22.47% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ELVA shares. Zacks Research downgraded shares of Electrovaya from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 13th. Wall Street Zen downgraded Electrovaya from a "buy" rating to a "hold" rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $6.13.

Electrovaya Price Performance

Shares of NASDAQ ELVA opened at $4.72 on Monday. Electrovaya Inc. has a twelve month low of $1.73 and a twelve month high of $5.24. The firm has a market cap of $189.32 million, a P/E ratio of 157.39 and a beta of 1.56. The company has a 50 day moving average of $4.08 and a 200 day moving average of $3.16. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91.

Electrovaya (NASDAQ:ELVA - Get Free Report) last issued 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 business had revenue of $17.13 million for the quarter, compared to analysts' expectations of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. As a group, research analysts expect that Electrovaya Inc. will post 0.1 EPS for the current fiscal year.

Electrovaya 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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