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

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been assigned an average recommendation of “Buy” from the six brokerages that are covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $6.10.

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

Electrovaya Price Performance

NASDAQ:ELVA opened at $2.29 on Monday. The company has a quick ratio of 0.69, a current ratio of 1.55 and a debt-to-equity ratio of 0.08. Electrovaya has a 52 week low of $1.67 and a 52 week high of $4.24. The stock’s 50-day moving average price is $2.46 and its 200-day moving average price is $2.32. The stock has a market capitalization of $91.81 million, a PE ratio of -57.25 and a beta of 1.84.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Thursday, February 13th. The company reported ($0.01) EPS for the quarter, beating 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%. As a group, equities analysts expect that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AIGH Capital Management LLC increased its position in shares of Electrovaya by 3.2% during the 4th quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company’s stock worth $6,262,000 after purchasing an additional 77,473 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new position in Electrovaya during the fourth quarter worth about $5,372,000. Herald Investment Management Ltd increased its position in shares of Electrovaya by 372.0% during the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock valued at $2,856,000 after acquiring an additional 930,000 shares during the last quarter. Mink Brook Asset Management LLC purchased a new stake in shares of Electrovaya in the 4th quarter valued at approximately $867,000. Finally, Penbrook Management LLC acquired a new position in shares of Electrovaya in the 4th quarter worth approximately $448,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

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.