Electrovaya (NASDAQ:ELVA) Earns Buy Rating from HC Wainwright

Electrovaya (NASDAQ:ELVA)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They currently have a $10.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 309.84% from the company’s previous close.

Separately, Raymond James set a $4.50 target price on Electrovaya and gave the company a “strong-buy” rating in a research note on Thursday, January 30th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $6.70.

Electrovaya Price Performance

ELVA opened at $2.44 on Friday. Electrovaya has a 52-week low of $1.67 and a 52-week high of $4.24. The company has a 50 day moving average of $2.49 and a two-hundred day moving average of $2.32. The company has a market cap of $97.82 million, a P/E ratio of -81.33 and a beta of 1.84. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.33% and a negative return on equity of 18.87%. On average, analysts expect that Electrovaya will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd acquired a new stake in Electrovaya during the fourth quarter worth about $27,000. WealthTrust Axiom LLC grew its holdings in shares of Electrovaya by 181.2% during the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock valued at $418,000 after purchasing an additional 108,550 shares during the last quarter. Penbrook Management LLC acquired a new stake in shares of Electrovaya during the 4th quarter worth approximately $448,000. Herald Investment Management Ltd lifted its holdings in shares of Electrovaya by 372.0% in the 4th quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock worth $2,856,000 after purchasing an additional 930,000 shares during the last quarter. Finally, AIGH Capital Management LLC lifted its holdings in shares of Electrovaya by 3.2% in the 4th quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company’s stock worth $6,262,000 after purchasing an additional 77,473 shares during 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.