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

HC Wainwright reaffirmed their buy rating on shares of Electrovaya (NASDAQ:ELVA) in a research note released on Friday,Benzinga reports. HC Wainwright currently has a $10.00 price objective on the stock.

Separately, Raymond James set a $4.50 price objective on Electrovaya and gave the stock a “strong-buy” rating in a report on Thursday, January 30th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Electrovaya presently has an average rating of “Buy” and a consensus target price of $6.10.

Electrovaya Trading Up 2.5 %

NASDAQ ELVA opened at $2.50 on Friday. Electrovaya has a fifty-two week low of $1.67 and a fifty-two week high of $4.24. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.69 and a current ratio of 1.03. The stock has a 50 day simple moving average of $2.49 and a two-hundred day simple moving average of $2.32. The stock has a market cap of $100.22 million, a P/E ratio of -83.33 and a beta of 1.84.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. XTX Topco Ltd purchased a new position in shares of Electrovaya in the 4th quarter valued at approximately $27,000. AIGH Capital Management LLC increased its position in Electrovaya by 3.2% during the 4th quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company’s stock valued at $6,262,000 after buying an additional 77,473 shares in the last quarter. WealthTrust Axiom LLC increased its position in Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock valued at $418,000 after buying an additional 108,550 shares in the last quarter. Manatuck Hill Partners LLC bought a new position in Electrovaya during the 4th quarter valued at approximately $434,000. Finally, Penbrook Management LLC bought a new position in Electrovaya during the 4th quarter valued at approximately $448,000. Hedge funds and other 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.