Electrovaya (NASDAQ:ELVA) Sets New 12-Month High – Still a Buy?
by Kim Johansen · The Markets DailyShares of Electrovaya Inc. (NASDAQ:ELVA – Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $10.66 and last traded at $10.72, with a volume of 742697 shares. The stock had previously closed at $9.82.
Wall Street Analysts Forecast Growth
ELVA has been the subject of several recent analyst reports. Raymond James Financial restated a “strong-buy” rating and issued a $9.50 price target on shares of Electrovaya in a report on Thursday, December 11th. Zacks Research raised Electrovaya from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Electrovaya in a research note on Monday, December 29th. Oppenheimer initiated coverage on shares of Electrovaya in a research report on Thursday, December 18th. They set an “outperform” rating and a $14.00 price objective for the company. Finally, Wall Street Zen cut shares of Electrovaya from a “buy” rating to a “hold” rating in a research report on Sunday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.10.
Get Our Latest Analysis on Electrovaya
Electrovaya Price Performance
The firm has a market cap of $504.08 million, a price-to-earnings ratio of 117.90 and a beta of 1.37. The company’s fifty day moving average is $6.59 and its 200 day moving average is $5.90. The company has a quick ratio of 2.93, a current ratio of 4.16 and a debt-to-equity ratio of 0.71.
Electrovaya (NASDAQ:ELVA – Get Free Report) last issued its quarterly earnings results on Wednesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The firm had revenue of $20.51 million for the quarter, compared to analyst estimates of $20.26 million. Electrovaya had a net margin of 5.27% and a return on equity of 14.21%. On average, equities research analysts predict that Electrovaya Inc. will post 0.1 EPS for the current year.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new stake in Electrovaya in the fourth quarter valued at approximately $379,000. Thompson Davis & CO. Inc. acquired a new stake in Electrovaya during the fourth quarter worth approximately $318,000. Penbrook Management LLC boosted its holdings in shares of Electrovaya by 13.6% during the fourth quarter. Penbrook Management LLC now owns 349,861 shares of the company’s stock worth $2,764,000 after acquiring an additional 41,950 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Electrovaya in the third quarter valued at approximately $118,000. Finally, Susquehanna International Group LLP bought a new position in shares of Electrovaya during the third quarter worth approximately $97,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.
Electrovaya Company Profile
Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company’s core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya’s product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications.
In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles.