WealthTrust Axiom LLC Boosts Stock Holdings in 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 raised its holdings in shares of Electrovaya Inc. (NASDAQ:ELVA - Free Report) by 133.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 394,079 shares of the company's stock after acquiring an additional 225,629 shares during the quarter. WealthTrust Axiom LLC owned approximately 0.98% of Electrovaya worth $910,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ELVA. XTX Topco Ltd purchased a new position in Electrovaya in the fourth quarter worth about $27,000. Citadel Advisors LLC purchased a new stake in Electrovaya during the fourth quarter worth $64,000. AMH Equity Ltd purchased a new stake in shares of Electrovaya during the 1st quarter valued at $231,000. Manatuck Hill Partners LLC purchased a new position in Electrovaya in the 4th quarter worth $434,000. Finally, Alyeska Investment Group L.P. purchased a new position in Electrovaya in the 4th quarter worth $435,000. Hedge funds and other institutional investors own 22.47% of the company's stock.

Electrovaya Stock Up 0.5%

Shares of ELVA stock traded up $0.03 on Friday, reaching $6.07. 432,802 shares of the stock were exchanged, compared to its average volume of 251,256. The company has a current ratio of 4.03, a quick ratio of 2.88 and a debt-to-equity ratio of 0.91. The business's 50 day moving average price is $4.31 and its 200 day moving average price is $3.26. The company has a market capitalization of $243.47 million, a price-to-earnings ratio of 202.40 and a beta of 1.56. Electrovaya Inc. has a twelve month low of $1.73 and a twelve month high of $6.20.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ELVA shares. Wall Street Zen cut Electrovaya from a "buy" rating to a "hold" rating in a research report on Monday, July 28th. Zacks Research lowered shares of Electrovaya from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.