Electrovaya (NASDAQ:ELVA) Trading Up 3.8% – What’s Next?

Electrovaya Inc. (NASDAQ:ELVA) was up 3.8% during trading on Thursday . The stock traded as high as $2.47 and last traded at $2.46. Approximately 72,134 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 77,301 shares. The stock had previously closed at $2.37.

Analyst Upgrades and Downgrades

Several research analysts have commented on ELVA shares. Raymond James set a $4.50 target price on Electrovaya and gave the stock a “strong-buy” rating in a research note on Thursday, January 30th. Roth Mkm reiterated a “buy” rating and set a $5.00 price target (up previously from $4.00) on shares of Electrovaya in a research report on Friday, February 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Electrovaya in a research report on Friday, February 14th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $6.10.

Electrovaya Trading Up 1.6 %

The company has a market capitalization of $100.22 million, a PE ratio of -62.50 and a beta of 1.94. The company has a current ratio of 1.55, a quick ratio of 0.69 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average of $2.44 and a two-hundred day moving average of $2.34.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. Electrovaya had a negative return on equity of 15.42% and a negative net margin of 3.88%. As a group, sell-side analysts anticipate that Electrovaya Inc. will post 0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Electrovaya

A number of large investors have recently modified their holdings of ELVA. Penbrook Management LLC purchased a new position in shares of Electrovaya during the 4th quarter valued at about $448,000. AIGH Capital Management LLC increased its stake in 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 period. WealthTrust Axiom LLC increased its stake in Electrovaya by 181.2% in the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock worth $418,000 after purchasing an additional 108,550 shares during the period. XTX Topco Ltd purchased a new position in Electrovaya in the 4th quarter worth approximately $27,000. Finally, Herald Investment Management Ltd increased its stake in 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 period. 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.