HC Wainwright Reaffirms Buy Rating for Electrovaya (NASDAQ:ELVA)

Electrovaya (NASDAQ:ELVA)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research note issued to investors on Friday,Benzinga reports. They presently have a $10.00 target price on the stock. HC Wainwright’s price objective suggests a potential upside of 300.00% from the company’s previous close.

Separately, Raymond James set a $4.50 price objective on shares of Electrovaya and gave the company a “strong-buy” rating in a report on Thursday, January 30th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $6.10.

Electrovaya Price Performance

Shares of Electrovaya stock opened at $2.50 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.69 and a current ratio of 1.03. The stock’s fifty day moving average is $2.49 and its 200 day moving average is $2.32. The stock has a market cap of $100.23 million, a P/E ratio of -83.33 and a beta of 1.84. Electrovaya has a one year low of $1.67 and a one year high of $4.24.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts anticipate that Electrovaya will post 0.11 earnings per share for the current year.

Institutional Trading of Electrovaya

Hedge funds and other institutional investors have recently made changes to their positions in the company. XTX Topco Ltd acquired a new position in shares of Electrovaya in the fourth quarter valued at approximately $27,000. WealthTrust Axiom LLC raised its stake in Electrovaya by 181.2% during the fourth quarter. WealthTrust Axiom LLC now owns 168,450 shares of the company’s stock worth $418,000 after purchasing an additional 108,550 shares during the period. Manatuck Hill Partners LLC purchased a new position in Electrovaya during the fourth quarter worth approximately $434,000. Penbrook Management LLC purchased a new position in Electrovaya during the fourth quarter worth approximately $448,000. Finally, Herald Investment Management Ltd raised its stake in Electrovaya by 372.0% during the fourth quarter. Herald Investment Management Ltd now owns 1,180,000 shares of the company’s stock worth $2,856,000 after purchasing an additional 930,000 shares during the period. Hedge funds and other institutional investors own 22.47% of the company’s stock.

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.