Electrovaya (NASDAQ:ELVA) PT Lowered to $9.00

Electrovaya (NASDAQ:ELVAFree Report) had its price target lowered by Craig Hallum from $10.00 to $9.00 in a report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

ELVA has been the subject of a number of other research reports. Roth Capital restated a buy rating on shares of Electrovaya in a research report on Wednesday, March 6th. Roth Mkm reaffirmed a buy rating and set a $8.00 price target on shares of Electrovaya in a research report on Wednesday. Finally, HC Wainwright reiterated a buy rating and issued a $16.00 price objective on shares of Electrovaya in a research report on Wednesday.

View Our Latest Report on ELVA

Electrovaya Stock Down 1.3 %

Shares of Electrovaya stock opened at $2.99 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.61 and a current ratio of 0.99. The stock’s 50 day simple moving average is $3.42 and its 200-day simple moving average is $3.39. Electrovaya has a 1-year low of $2.34 and a 1-year high of $5.50.

Electrovaya (NASDAQ:ELVAGet Free Report) last released its quarterly earnings data on Tuesday, May 14th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The company had revenue of $10.70 million for the quarter, compared to analyst estimates of $16.42 million. Electrovaya had a negative return on equity of 2.83% and a negative net margin of 0.44%. On average, equities analysts anticipate that Electrovaya will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Electrovaya

Institutional investors and hedge funds have recently modified their holdings of the company. AIGH Capital Management LLC purchased a new position in Electrovaya during the 3rd quarter valued at about $9,582,000. Worth Venture Partners LLC acquired a new stake in shares of Electrovaya during the fourth quarter worth about $2,510,000. Finally, Toronto Dominion Bank acquired a new stake in shares of Electrovaya during the third quarter worth about $67,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Electrovaya Company Profile

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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.

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