HC Wainwright Maintains Buy Rating for Electrovaya

HC Wainwright has reaffirmed their "buy" rating for Electrovaya (NASDAQ:ELVA) in a research report released on Friday. They set a target price of $10.00 per share, which suggests a remarkable potential upside of 309.84% compared to the company's previous closing price.

Additionally, in a separate report, Raymond James assigned a price target of $4.50 on Electrovaya's shares, along with a "strong-buy" rating, published on January 30th. Currently, five analysts rated Electrovaya's stock with a buy recommendation, and one analyst declared it a strong buy. MarketBeat.com data indicates that the stock has an overall consensus rating of "Buy" and a consensus price target of $6.70.

Electrovaya's Market Performance

On Friday, Electrovaya's stock opened at $2.44. Its 50-day moving average is $2.49, while the 200-day moving average stands at $2.32. The company has a market cap of $97.82 million, a price-to-earnings (P/E) ratio of -81.33, and a beta of 1.84. Electrovaya's debt-to-equity ratio is 0.22, with a quick ratio of 0.69 and a current ratio of 1.03. Over the past year, the stock has traded between a low of $1.67 and a high of $4.24.

Electrovaya most recently released its quarterly earnings data on February 13th. The company reported earnings per share (EPS) of ($0.01), which was better than the expected consensus of ($0.02) by a variance of $0.01. The company recorded a negative return on equity of 18.87% and a negative net margin of 3.33%. Analysts anticipate that Electrovaya will achieve an EPS of 0.11 for the current fiscal year.

Institutional Investors' Activity

Several institutional investors and hedge funds have altered their positions regarding Electrovaya recently. In the fourth quarter, XTX Topco Ltd acquired new shares valued at approximately $27,000. WealthTrust Axiom LLC increased its holdings by a notable 181.2% during the same period, now owning 168,450 shares worth around $418,000 after acquiring an additional 108,550 shares. Penbrook Management LLC also purchased new shares valued at $448,000 during the fourth quarter. Herald Investment Management Ltd expanded its stake by 372.0%, now holding 1,180,000 shares valued at $2,856,000 after acquiring an additional 930,000 shares in the quarter. Finally, AIGH Capital Management LLC raised its position by 3.2%, owning 2,525,099 shares worth $6,262,000 after an additional 77,473 shares purchase. Collectively, institutional investors and hedge funds hold 22.47% of Electrovaya's stock.

Company Overview

Electrovaya Inc. is involved in the design, development, manufacturing, and sale of lithium-ion batteries, battery management systems, and related products aimed at energy storage, clean electric transportation, and specialized applications across North America. Their product range includes lithium-ion batteries for materials handling electric vehicles, battery chargers, electromotive power products for electric trucks and buses, industrial energy storage solutions, and power solutions for system building on behalf of third parties.

Electrovaya, Stock, Analysts