Electrovaya’s (ELVA) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Electrovaya (NASDAQ:ELVA) in a report issued on Friday morning, Benzinga reports. The firm currently has a $16.00 target price on the stock.

A number of other brokerages have also issued reports on ELVA. Craig Hallum cut their price target on shares of Electrovaya from $10.00 to $9.00 and set a buy rating on the stock in a research note on Wednesday, May 15th. Roth Mkm restated a buy rating and issued a $8.00 target price on shares of Electrovaya in a research note on Wednesday, May 15th. Finally, Roth Capital reaffirmed a buy rating on shares of Electrovaya in a research report on Wednesday, March 6th.

Electrovaya Price Performance

Electrovaya stock opened at $2.97 on Friday. The firm has a 50-day moving average of $3.06 and a two-hundred day moving average of $3.42. Electrovaya has a 1 year low of $2.34 and a 1 year high of $5.50. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.58.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Tuesday, May 14th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). Electrovaya had a negative net margin of 0.44% and a negative return on equity of 2.83%. The business had revenue of $10.70 million for the quarter, compared to analysts’ expectations of $16.42 million. Equities analysts anticipate that Electrovaya will post 0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Electrovaya

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank purchased a new position in shares of Electrovaya during the 3rd quarter worth $67,000. Worth Venture Partners LLC acquired a new position in Electrovaya in the fourth quarter valued at about $2,510,000. Finally, AIGH Capital Management LLC purchased a new position in Electrovaya during the third quarter worth about $9,582,000. Institutional investors and hedge funds 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.