Electrovaya (NASDAQ:ELVA) Trading Down 1.6%

Electrovaya Inc. (NASDAQ:ELVA)’s stock price fell 1.6% during mid-day trading on Wednesday . The company traded as low as $2.41 and last traded at $2.46. 55,211 shares were traded during trading, an increase of 48% from the average session volume of 37,392 shares. The stock had previously closed at $2.50.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ELVA. Roth Mkm reiterated a “buy” rating and set a $8.00 price objective on shares of Electrovaya in a research note on Wednesday, May 15th. HC Wainwright reiterated a “buy” rating and set a $16.00 price objective on shares of Electrovaya in a research note on Friday, June 14th. Finally, Craig Hallum lowered their price objective on Electrovaya from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, May 15th.

Electrovaya Price Performance

The company has a 50 day moving average price of $2.86 and a two-hundred day moving average price of $3.37. The company has a quick ratio of 0.58, a current ratio of 0.99 and a debt-to-equity ratio of 0.27.

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Electrovaya stock. Worth Venture Partners LLC acquired a new position in Electrovaya Inc. (NASDAQ:ELVA) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 820,538 shares of the company’s stock, valued at approximately $2,510,000. Electrovaya accounts for approximately 1.4% of Worth Venture Partners LLC’s portfolio, 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. Institutional investors 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.