Electrovaya (NASDAQ:ELVA) Earns Buy Rating from Roth Mkm

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

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

Electrovaya Trading Up 2.5 %

ELVA stock opened at $2.50 on Friday. The company has a market capitalization of $100.23 million, a PE 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. The company’s 50 day moving average price is $2.49 and its two-hundred day moving average price is $2.32. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.69 and a current ratio of 1.03.

Electrovaya (NASDAQ:ELVA) last issued its earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative net margin of 3.33% and a negative return on equity of 18.87%. As a group, analysts predict that Electrovaya will post 0.11 earnings per share for the current fiscal year.

Institutional Trading of Electrovaya

A number of hedge funds have recently modified their holdings of the business. XTX Topco Ltd bought a new stake in shares of Electrovaya during the 4th quarter valued at $27,000. AIGH Capital Management LLC boosted its holdings 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 buying an additional 77,473 shares in the last quarter. WealthTrust Axiom LLC boosted its holdings in shares of 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 in the last quarter. Manatuck Hill Partners LLC bought a new stake in shares of Electrovaya during the 4th quarter valued at $434,000. Finally, Penbrook Management LLC bought a new stake in shares of Electrovaya during the 4th quarter valued at $448,000. 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.