Electrovaya (NASDAQ:ELVA) Given “Buy” Rating at Roth Mkm

Roth Mkm restated their buy rating on shares of Electrovaya (NASDAQ:ELVA) in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a $5.00 price target on the stock, up from their prior price target of $4.00.

ELVA has been the subject of several other reports. Raymond James set a $4.50 price target on Electrovaya and gave the stock a “strong-buy” rating in a research note on Thursday, January 30th. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Electrovaya in a research note on Friday. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $6.10.

Electrovaya Trading Up 2.5 %

Electrovaya stock opened at $2.50 on Friday. Electrovaya has a 12-month low of $1.67 and a 12-month high of $4.24. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $100.22 million, a price-to-earnings ratio of -83.33 and a beta of 1.84. The firm has a 50 day moving average of $2.49 and a 200 day moving average of $2.32.

Electrovaya (NASDAQ:ELVA) last posted its quarterly earnings results 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 return on equity of 18.87% and a negative net margin of 3.33%. As a group, research analysts predict that Electrovaya will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd bought a new position in shares of Electrovaya during the 4th quarter valued at approximately $27,000. AIGH Capital Management LLC boosted its position in shares of Electrovaya by 3.2% during the 4th quarter. AIGH Capital Management LLC now owns 2,525,099 shares of the company’s stock valued at $6,262,000 after acquiring an additional 77,473 shares during the last quarter. WealthTrust Axiom LLC raised its holdings in Electrovaya by 181.2% during the 4th quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock valued at $418,000 after buying an additional 108,550 shares during the period. Manatuck Hill Partners LLC purchased a new stake in Electrovaya during the 4th quarter valued at $434,000. Finally, Penbrook Management LLC purchased a new stake in Electrovaya during the 4th quarter valued at $448,000. 22.47% of the stock is currently owned by institutional investors.

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.