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

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

Analyst Ratings Changes

ELVA has been the topic of several research analyst reports. 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. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Electrovaya in a research note on Friday, February 14th. Finally, Roth Mkm reissued a “buy” rating and set a $5.00 target price (up from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $6.10.

Electrovaya Stock Performance

The stock has a market capitalization of $100.22 million, a P/E ratio of -62.50 and a beta of 1.94. The company has a quick ratio of 0.69, a current ratio of 1.55 and a debt-to-equity ratio of 0.08. The business has a fifty day moving average price of $2.44 and a 200-day moving average price of $2.34.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) 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%. On average, sell-side analysts expect that Electrovaya Inc. will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ELVA. Penbrook Management LLC purchased a new stake in Electrovaya during the fourth quarter valued at $448,000. Citadel Advisors LLC purchased a new stake in Electrovaya during the fourth quarter valued at $64,000. Polar Asset Management Partners Inc. purchased a new stake in Electrovaya during the fourth quarter valued at $5,372,000. Mink Brook Asset Management LLC purchased a new stake in Electrovaya during the fourth quarter valued at $867,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Electrovaya during the fourth quarter valued at $435,000. 22.47% of the stock is owned by institutional investors.

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.