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HC Wainwright Reaffirms Buy Rating for Electrovaya (NASDAQ:ELVA)

Electrovaya logo with Computer and Technology background

HC Wainwright reaffirmed their buy rating on shares of Electrovaya (NASDAQ:ELVA - Free Report) in a research note issued to investors on Friday, Benzinga reports. HC Wainwright currently has a $16.00 target price on the stock.

A number of other research analysts have also recently commented on ELVA. Craig Hallum cut their target price on Electrovaya from $10.00 to $9.00 and set a buy rating on the stock in a research note on Wednesday, May 15th. Roth Mkm reissued a buy rating and set a $8.00 target price on shares of Electrovaya in a research report on Wednesday, May 15th. Finally, Roth Capital restated a buy rating on shares of Electrovaya in a report on Wednesday, March 6th.

View Our Latest Stock Report on Electrovaya

Electrovaya Stock Down 3.3 %

NASDAQ ELVA traded down $0.10 during trading hours on Friday, reaching $2.97. The company's stock had a trading volume of 44,628 shares, compared to its average volume of 39,956. Electrovaya has a 1 year low of $2.34 and a 1 year high of $5.50. The company has a quick ratio of 0.58, a current ratio of 0.99 and a debt-to-equity ratio of 0.27. The firm's 50-day moving average price is $3.06 and its 200-day moving average price is $3.41.

Electrovaya (NASDAQ:ELVA - Get Free Report) last released its earnings results on Tuesday, May 14th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). Electrovaya had a negative return on equity of 2.83% and a negative net margin of 0.44%. The company had revenue of $10.70 million during the quarter, compared to analysts' expectations of $16.42 million. As a group, analysts predict that Electrovaya will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

Several institutional investors and hedge funds have recently bought and sold shares of the company. Worth Venture Partners LLC acquired a new stake in shares of Electrovaya in the 4th quarter worth $2,510,000. Toronto Dominion Bank acquired a new stake in Electrovaya in the third quarter worth about $67,000. Finally, AIGH Capital Management LLC acquired a new stake in Electrovaya in the third quarter worth about $9,582,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

Electrovaya Company Profile

(Get Free Report)

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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