Roth Mkm Reaffirms "Buy" Rating for Electrovaya (NASDAQ:ELVA)

Electrovaya (NASDAQ:ELVA - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Roth Mkm in a note issued to investors on Friday,Benzinga reports. They currently have a $5.00 price target on the stock, up from their previous price target of $4.00. Roth Mkm's target price would suggest a potential upside of 100.80% from the company's previous close.

A number of other analysts have also recently issued reports on ELVA. Raymond James set a $4.50 price objective on Electrovaya and gave the company a "strong-buy" rating in a research report on Thursday, January 30th. HC Wainwright reaffirmed a "buy" rating and set a $10.00 price target on shares of Electrovaya in a report on Friday. 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.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $6.10.

Electrovaya Stock Performance

NASDAQ ELVA traded down $0.01 on Friday, hitting $2.49. 113,345 shares of the stock were exchanged, compared to its average volume of 84,750. The company has a market capitalization of $99.82 million, a PE ratio of -83.00 and a beta of 1.84. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.03 and a quick ratio of 0.69. The business's fifty day moving average is $2.48 and its 200 day moving average is $2.32. Electrovaya has a 52 week low of $1.67 and a 52 week high of $4.24.

Electrovaya (NASDAQ:ELVA - Get Free Report) 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 net margin of 3.33% and a negative return on equity of 18.87%. Research analysts anticipate that Electrovaya will post 0.11 EPS for the current fiscal year.

Institutional Trading of Electrovaya

Several hedge funds have recently added to or reduced their stakes in ELVA. Penbrook Management LLC acquired a new position in Electrovaya in the 4th quarter valued at $448,000. Citadel Advisors LLC acquired a new position in shares of Electrovaya in the fourth quarter valued at about $64,000. Polar Asset Management Partners Inc. bought a new position in Electrovaya during the fourth quarter worth about $5,372,000. Mink Brook Asset Management LLC bought a new position in Electrovaya during the fourth quarter worth about $867,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Electrovaya in the 4th quarter worth about $435,000. 22.47% of the stock is owned by institutional investors and hedge funds.

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.