Electrovaya (NASDAQ:ELVA) Stock Price Down 1.4% - Should You Sell?

Key Points

• Electrovaya shares fell 1.4% to $6.43, with trading volume slightly below average. The stock remains below its 50-day and 200-day moving averages of $7.23 and $8.71, respectively.
• Analyst sentiment is mixed but leans positive: MarketBeat reports a consensus “Moderate Buy” rating and a $17.50 average price target, despite ratings ranging from “Sell” to “Strong Buy.”
• The company missed quarterly expectations, reporting $0.01 in EPS versus $0.03 expected and revenue of $17.71 million versus $21.44 million estimated. Analysts project full-year EPS of $0.06.

Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) was down 1.4% during trading on Thursday. The company traded as low as $6.38 and last traded at $6.43. Approximately 287,567 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 319,663 shares. The stock had previously closed at $6.52.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Weiss Ratings restated a "hold (c)" rating on shares of Electrovaya in a report on Monday, September 21st. Wall Street Zen cut Electrovaya from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Raymond James Financial reiterated a "strong-buy" rating on shares of Electrovaya in a research report on Thursday, July 16th. Oppenheimer reduced their price objective on shares of Electrovaya from $14.00 to $13.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 12th. Finally, Roth Capital reissued a "buy" rating on shares of Electrovaya in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $17.50.

Electrovaya Trading Down 1.4%

The business has a 50 day moving average of $7.23 and a 200-day moving average of $8.71. The company has a current ratio of 7.53, a quick ratio of 5.72 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $321.50 million, a P/E ratio of 58.46, a PEG ratio of 1.94 and a beta of 1.64.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.02). The company had revenue of $17.71 million for the quarter, compared to analyst estimates of $21.44 million. Electrovaya had a return on equity of 7.96% and a net margin of 6.14%. Analysts anticipate that Electrovaya Inc. will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Several institutional investors have recently added to or reduced their stakes in ELVA. Squarepoint Ops LLC acquired a new position in Electrovaya in the 2nd quarter worth $146,000. Dimensional Fund Advisors LP lifted its holdings in shares of Electrovaya by 18.4% in the first quarter. Dimensional Fund Advisors LP now owns 57,908 shares of the company's stock valued at $451,000 after purchasing an additional 8,983 shares in the last quarter. Granahan Investment Management LLC boosted its position in shares of Electrovaya by 2.7% during the first quarter. Granahan Investment Management LLC now owns 200,195 shares of the company's stock worth $1,566,000 after buying an additional 5,234 shares during the period. Lazard Asset Management LLC grew its holdings in shares of Electrovaya by 188.9% during the first quarter. Lazard Asset Management LLC now owns 249,429 shares of the company's stock worth $1,951,000 after buying an additional 163,082 shares in the last quarter. Finally, WealthTrust Axiom LLC grew its holdings in shares of Electrovaya by 23.1% during the fourth quarter. WealthTrust Axiom LLC now owns 505,854 shares of the company's stock worth $3,996,000 after buying an additional 94,950 shares in the last quarter. 22.47% of the stock is owned by institutional investors.

About Electrovaya

Electrovaya Inc is a Canadian battery technology company that develops and manufactures lithium-ion batteries, battery modules and complete battery systems. Its products are designed to provide high energy density, long cycle life and enhanced safety for applications that require reliable, rechargeable power.

The company primarily serves the material-handling and industrial-vehicle markets, including electric forklifts and other warehouse equipment. Electrovaya also develops battery solutions for robotics, electric mobility, commercial transportation and stationary energy storage.

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