Roth Mkm Reiterates “Buy” Rating for Electrovaya (NASDAQ:ELVA)

Electrovaya (NASDAQ:ELVA)‘s stock had its “buy” rating restated by analysts at Roth Mkm in a note issued to investors on Friday,Benzinga reports. They currently have a $5.00 price target on the stock, up from their prior price target of $4.00. Roth Mkm’s price objective would indicate a potential upside of 98.02% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Raymond James set a $4.50 target price on shares of Electrovaya and gave the company a “strong-buy” rating in a research note on Thursday, January 30th. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Electrovaya in a research note on Friday. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $6.10.

Electrovaya Price Performance

Shares of Electrovaya stock traded up $0.09 during midday trading on Friday, reaching $2.53. The company had a trading volume of 127,241 shares, compared to its average volume of 81,681. The stock has a fifty day simple moving average of $2.49 and a 200 day simple moving average of $2.32. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.24. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $101.23 million, a price-to-earnings ratio of -84.17 and a beta of 1.84.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Thursday, February 13th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative return on equity of 18.87% and a negative net margin of 3.33%. As a group, equities research analysts forecast that Electrovaya will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Penbrook Management LLC acquired a new stake in Electrovaya in the fourth quarter worth $448,000. XTX Topco Ltd acquired a new position in shares of Electrovaya in the 4th quarter valued at $27,000. Herald Investment Management Ltd increased its position in shares of Electrovaya by 372.0% in the 4th quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock valued at $2,856,000 after buying an additional 930,000 shares in the last quarter. WealthTrust Axiom LLC raised its stake in Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock worth $418,000 after buying an additional 108,550 shares during the period. Finally, AIGH Capital Management LLC lifted its holdings in Electrovaya by 3.2% during the fourth quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company’s stock worth $6,262,000 after acquiring an additional 77,473 shares in the last quarter. Institutional investors own 22.47% of the company’s stock.

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.