Electrovaya (NASDAQ:ELVA) Trading Down 1.6%

Shares of Electrovaya Inc. (NASDAQ:ELVA) were down 1.6% on Wednesday . The stock traded as low as $2.41 and last traded at $2.46. Approximately 55,211 shares were traded during trading, an increase of 48% from the average daily volume of 37,392 shares. The stock had previously closed at $2.50.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ELVA shares. Craig Hallum lowered their price target on shares of Electrovaya from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Electrovaya in a research report on Friday, June 14th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $8.00 target price on shares of Electrovaya in a research report on Wednesday, May 15th.

Electrovaya Stock Performance

The stock’s 50-day simple moving average is $2.83 and its 200 day simple moving average is $3.36. 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 issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). The business had revenue of $10.70 million for the quarter, compared to analyst estimates of $16.42 million. Electrovaya had a negative return on equity of 2.83% and a negative net margin of 0.44%. As a group, analysts predict that Electrovaya Inc. will post 0.1 EPS for the current fiscal year.

Institutional Trading of Electrovaya

A hedge fund recently bought a new stake in Electrovaya stock. Worth Venture Partners LLC bought a new position in shares of Electrovaya Inc. (NASDAQ:ELVA) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 820,538 shares of the company’s stock, valued at approximately $2,510,000. Electrovaya accounts for about 1.4% of Worth Venture Partners LLC’s holdings, making the stock its 22nd largest holding. Worth Venture Partners LLC owned about 2.42% of Electrovaya at the end of the most recent reporting period. 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.