Electrovaya Inc. (NASDAQ:ELVA) Given Average Recommendation of "Buy" by Brokerages

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) have been given a consensus recommendation of "Buy" by the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $6.10.

ELVA has been the topic of a number of research reports. HC Wainwright restated a "buy" rating and set a $10.00 price objective on shares of Electrovaya in a research report on Friday, February 14th. Roth Mkm reissued a "buy" rating and set a $5.00 price target (up from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. Finally, Raymond James set a $4.50 price objective on Electrovaya and gave the company a "strong-buy" rating in a research note on Thursday, January 30th.

Institutional Investors Weigh In On Electrovaya

Institutional investors and hedge funds have recently made changes to their positions in the stock. Polar Asset Management Partners Inc. acquired a new position in shares of Electrovaya in the fourth quarter worth approximately $5,372,000. Mink Brook Asset Management LLC bought a new position in Electrovaya during the 4th quarter worth approximately $867,000. Citadel Advisors LLC acquired a new position in shares of Electrovaya in the 4th quarter worth approximately $64,000. Alyeska Investment Group L.P. bought a new stake in shares of Electrovaya in the 4th quarter valued at $435,000. Finally, Manatuck Hill Partners LLC acquired a new stake in shares of Electrovaya during the fourth quarter worth $434,000. Institutional investors and hedge funds own 22.47% of the company's stock.

Electrovaya Price Performance

NASDAQ ELVA traded down $0.02 on Monday, hitting $2.39. 42,194 shares of the company's stock were exchanged, compared to its average volume of 82,603. The stock has a 50-day moving average of $2.48 and a 200-day moving average of $2.32. The stock has a market cap of $95.81 million, a price-to-earnings ratio of -59.75 and a beta of 1.84. Electrovaya has a 52 week low of $1.67 and a 52 week high of $4.24. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.22.

Electrovaya (NASDAQ:ELVA - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 21.25%. Analysts expect that Electrovaya will post 0.08 earnings per share for the current year.

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.