Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) PT at $6.50

Shares of Electrovaya Inc. (NASDAQ:ELVA) have earned a consensus rating of “Moderate Buy” from the five analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $6.50.

A number of brokerages recently weighed in on ELVA. Weiss Ratings reissued a “hold (c-)” rating on shares of Electrovaya in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Electrovaya from a “buy” rating to a “hold” rating in a report on Sunday, September 28th. Finally, Zacks Research lowered shares of Electrovaya from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th.

Institutional Trading of Electrovaya

A number of institutional investors have recently bought and sold shares of ELVA. AMH Equity Ltd acquired a new stake in Electrovaya during the 1st quarter worth $231,000. Mink Brook Asset Management LLC grew its holdings in Electrovaya by 8.3% during the 1st quarter. Mink Brook Asset Management LLC now owns 378,388 shares of the company’s stock worth $874,000 after acquiring an additional 28,935 shares during the period. WealthTrust Axiom LLC grew its holdings in Electrovaya by 133.9% during the 1st quarter. WealthTrust Axiom LLC now owns 394,079 shares of the company’s stock worth $910,000 after acquiring an additional 225,629 shares during the period. Herald Investment Management Ltd grew its holdings in Electrovaya by 7.2% during the 2nd quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock worth $4,314,000 after acquiring an additional 85,000 shares during the period. Finally, Penbrook Management LLC grew its holdings in Electrovaya by 69.1% during the 2nd quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock worth $1,050,000 after acquiring an additional 125,896 shares during the period. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Stock Performance

Shares of Electrovaya stock opened at $6.00 on Monday. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.03 and a quick ratio of 2.88. The firm has a market cap of $240.66 million, a P/E ratio of 200.07 and a beta of 1.54. The firm has a 50 day simple moving average of $6.11 and a 200 day simple moving average of $4.31. Electrovaya has a fifty-two week low of $1.73 and a fifty-two week high of $7.72.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $17.13 million during the quarter, compared to analyst estimates of $17.25 million. Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. Electrovaya has set its FY 2025 guidance at EPS. Sell-side analysts predict 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.