Electrovaya Inc. (NASDAQ:ELVA) Given Consensus Recommendation of “Buy” by Analysts

Electrovaya Inc. (NASDAQ:ELVA) has earned an average recommendation of “Buy” from the six brokerages that are presently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $6.10.

Several analysts have commented on ELVA shares. Roth Mkm reaffirmed a “buy” rating and set a $5.00 price objective (up from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. Raymond James set a $4.50 price objective on Electrovaya and gave the company a “strong-buy” rating in a report on Thursday, January 30th. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Electrovaya in a research report on Friday, February 14th.

Institutional Trading of Electrovaya

A number of hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd acquired a new position in shares of Electrovaya during the 4th quarter valued at about $27,000. Citadel Advisors LLC acquired a new position in Electrovaya during the fourth quarter worth approximately $64,000. WealthTrust Axiom LLC raised its stake in Electrovaya by 181.2% during the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock worth $418,000 after purchasing an additional 108,550 shares during the period. Manatuck Hill Partners LLC purchased a new position in Electrovaya during the fourth quarter worth approximately $434,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Electrovaya in the 4th quarter valued at $435,000. 22.47% of the stock is owned by institutional investors and hedge funds.

Electrovaya Stock Down 4.2 %

ELVA stock opened at $2.29 on Monday. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.24. The stock has a market cap of $91.81 million, a P/E ratio of -57.25 and a beta of 1.84. The company has a current ratio of 1.55, a quick ratio of 0.69 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $2.46 and its two-hundred day moving average is $2.32.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. Electrovaya had a negative return on equity of 15.42% and a negative net margin of 3.88%. Research analysts expect that Electrovaya will post 0.1 earnings per share for the current fiscal year.

About Electrovaya

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.