Electrovaya (NASDAQ:ELVA) Trading 3.8% Higher – Still a Buy?

Electrovaya Inc. (NASDAQ:ELVA)’s share price rose 3.8% during mid-day trading on Thursday . The company 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 Upgrades and Downgrades

ELVA has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a report on Friday, February 14th. Roth Mkm reaffirmed a “buy” rating and set a $5.00 target price (up from $4.00) on shares of Electrovaya in a research report on Friday, February 14th. Finally, Raymond James set a $4.50 price target on shares of Electrovaya and gave the company a “strong-buy” rating in a research report on Thursday, January 30th. 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, the company has an average rating of “Buy” and an average price target of $6.10.

Electrovaya Stock Performance

The company has a 50-day moving average of $2.44 and a 200-day moving average of $2.34. The company has a market cap of $98.62 million, a PE ratio of -61.50 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.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Thursday, February 13th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. As a group, analysts anticipate that Electrovaya Inc. will post 0.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ELVA. XTX Topco Ltd bought a new position in Electrovaya during the fourth quarter valued at $27,000. Citadel Advisors LLC purchased a new position in shares of Electrovaya during the 4th quarter valued at $64,000. WealthTrust Axiom LLC grew its stake in shares of Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock worth $418,000 after acquiring an additional 108,550 shares during the period. Manatuck Hill Partners LLC purchased a new stake in Electrovaya in the 4th quarter worth about $434,000. Finally, Alyeska Investment Group L.P. bought a new position in Electrovaya during the fourth quarter worth about $435,000. 22.47% of the stock is owned by 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.