Electrovaya (NASDAQ:ELVA) Rating Reiterated by HC Wainwright

Electrovaya (NASDAQ:ELVA)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a report released on Wednesday, Benzinga reports. They currently have a $16.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 428.05% from the stock’s current price. HC Wainwright also issued estimates for Electrovaya’s Q4 2024 earnings at $0.04 EPS, FY2024 earnings at $0.03 EPS, FY2025 earnings at $0.31 EPS, FY2026 earnings at $0.56 EPS, FY2027 earnings at $0.92 EPS and FY2028 earnings at $1.33 EPS.

Other research analysts have also issued reports about the company. Roth Capital reaffirmed a “buy” rating on shares of Electrovaya in a report on Wednesday, March 6th. Roth Mkm reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Electrovaya in a research note on Wednesday.

Electrovaya Price Performance

ELVA stock opened at $3.03 on Wednesday. The firm’s 50-day moving average is $3.44 and its two-hundred day moving average is $3.38. Electrovaya has a 52 week low of $2.34 and a 52 week high of $5.50. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.61 and a current ratio of 0.98.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Tuesday, May 14th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). The firm had revenue of $10.70 million for the quarter, compared to the consensus estimate of $16.42 million. Electrovaya had a negative return on equity of 2.92% and a negative net margin of 0.44%. Equities research analysts expect that Electrovaya will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Several hedge funds have recently modified their holdings of ELVA. AIGH Capital Management LLC purchased a new position in Electrovaya in the 3rd quarter worth about $9,582,000. Worth Venture Partners LLC purchased a new position in shares of Electrovaya in the fourth quarter worth approximately $2,510,000. Finally, Toronto Dominion Bank purchased a new stake in shares of Electrovaya in the 3rd quarter valued at approximately $67,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

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.