Citadel Advisors LLC Acquires New Holdings in Electrovaya Inc. (NASDAQ:ELVA)

Citadel Advisors LLC acquired a new stake in Electrovaya Inc. (NASDAQ:ELVA) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 25,821 shares of the company’s stock, valued at approximately $64,000.

Several other hedge funds have also recently bought and sold shares of the company. XTX Topco Ltd bought a new stake in Electrovaya in the 4th quarter valued at about $27,000. AIGH Capital Management LLC lifted its position in Electrovaya by 3.2% in the 4th quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company’s stock valued at $6,262,000 after purchasing an additional 77,473 shares during the last quarter. WealthTrust Axiom LLC lifted its position in Electrovaya by 181.2% in the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock valued at $418,000 after purchasing an additional 108,550 shares during the last quarter. Manatuck Hill Partners LLC bought a new stake in Electrovaya in the 4th quarter valued at about $434,000. Finally, Alyeska Investment Group L.P. bought a new stake in Electrovaya in the 4th quarter valued at about $435,000. 22.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ELVA shares. Roth Mkm reissued a “buy” rating and set a $5.00 target price (up previously from $4.00) on shares of Electrovaya in a research note on Friday, February 14th. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Electrovaya in a research note on Friday, February 14th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Electrovaya currently has an average rating of “Buy” and an average price target of $6.10.

Electrovaya Stock Up 1.1%

Electrovaya stock opened at $3.60 on Wednesday. The stock has a market cap of $144.39 million, a price-to-earnings ratio of -90.00 and a beta of 1.40. The company has a current ratio of 1.55, a quick ratio of 0.69 and a debt-to-equity ratio of 0.08. The company’s 50-day moving average price is $2.81 and its two-hundred day moving average price is $2.60. Electrovaya Inc. has a 52 week low of $1.67 and a 52 week high of $3.64.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The company had revenue of $15.02 million for the quarter, compared to analyst estimates of $15.95 million. Electrovaya had a negative net margin of 3.88% and a negative return on equity of 15.42%. On average, analysts expect that Electrovaya Inc. will post 0.1 EPS for the current fiscal 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.