Electrovaya (NASDAQ:ELVA) Trading 3.8% Higher - Should You Buy?

Shares of Electrovaya Inc. (NASDAQ:ELVA - Get Free Report) shot up 3.8% on Thursday . The stock traded as high as $2.47 and last traded at $2.46. 72,134 shares changed hands during trading, a decline of 7% from the average session volume of 77,301 shares. The stock had previously closed at $2.37.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ELVA shares. Roth Mkm reiterated a "buy" rating and issued a $5.00 price target (up from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. Raymond James set a $4.50 target price on shares of Electrovaya and gave the company a "strong-buy" rating in a report on Thursday, January 30th. Finally, HC Wainwright reiterated a "buy" rating and set a $10.00 price target on shares of Electrovaya in a research note on Friday, February 14th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $6.10.

Electrovaya Stock Performance

The company has a market cap of $105.83 million, a PE ratio of -66.00 and a beta of 1.94. The stock has a 50 day simple moving average of $2.44 and a two-hundred day simple moving average of $2.35. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.55 and a quick ratio of 0.69.

Electrovaya (NASDAQ:ELVA - Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported ($0.01) EPS for the quarter, beating 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 15.42%. Equities analysts predict that Electrovaya Inc. will post 0.1 EPS for the current year.

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Institutional Investors Weigh In On Electrovaya

Institutional investors and hedge funds have recently made changes to their positions in the business. Penbrook Management LLC purchased a new stake in shares of Electrovaya during the fourth quarter worth approximately $448,000. Citadel Advisors LLC acquired a new stake in shares of Electrovaya in the 4th quarter worth $64,000. Polar Asset Management Partners Inc. acquired a new stake in shares of Electrovaya in the 4th quarter worth $5,372,000. Mink Brook Asset Management LLC acquired a new position in shares of Electrovaya during the fourth quarter worth about $867,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Electrovaya during the fourth quarter worth about $435,000. 22.47% of the stock is owned by hedge funds and other institutional investors.

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.