Electrovaya (NASDAQ:ELVA) Upgraded by Zacks Research to “Hold” Rating

Electrovaya (NASDAQ:ELVA) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also issued reports on ELVA. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Electrovaya in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Electrovaya from a “buy” rating to a “hold” rating in a report on Sunday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $6.50.

Electrovaya Trading Up 0.2%

Electrovaya stock opened at $5.10 on Tuesday. Electrovaya has a 52 week low of $1.80 and a 52 week high of $7.72. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.88 and a current ratio of 4.03. The firm has a market capitalization of $242.30 million, a PE ratio of 170.06 and a beta of 1.55. The business’s 50-day simple moving average is $6.30 and its 200-day simple moving average is $4.70.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Wednesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Electrovaya had a net margin of 2.19% and a return on equity of 6.66%. The business had revenue of $17.13 million during the quarter, compared to analyst estimates of $17.25 million. Equities research analysts forecast that Electrovaya will post 0.1 earnings per share for the current year.

Institutional Investors Weigh In On Electrovaya

Institutional investors have recently added to or reduced their stakes in the stock. Herald Investment Management Ltd grew its stake in shares of Electrovaya by 7.2% in the 2nd quarter. Herald Investment Management Ltd now owns 1,265,000 shares of the company’s stock valued at $4,314,000 after purchasing an additional 85,000 shares during the period. WealthTrust Axiom LLC grew its position in Electrovaya by 5.5% in the second quarter. WealthTrust Axiom LLC now owns 415,604 shares of the company’s stock valued at $1,417,000 after acquiring an additional 21,525 shares during the period. Caldwell Investment Management Ltd. bought a new stake in Electrovaya in the third quarter valued at $2,424,000. Mink Brook Asset Management LLC raised its stake in Electrovaya by 4.4% during the second quarter. Mink Brook Asset Management LLC now owns 395,101 shares of the company’s stock worth $1,347,000 after acquiring an additional 16,713 shares in the last quarter. Finally, Penbrook Management LLC boosted its stake in shares of Electrovaya by 69.1% in the 2nd quarter. Penbrook Management LLC now owns 308,111 shares of the company’s stock valued at $1,050,000 after purchasing an additional 125,896 shares in the last quarter. 22.47% of the stock is owned by institutional investors and hedge funds.

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.