Electrovaya (NASDAQ:ELVA) Price Target Cut to $6.00

Electrovaya (NASDAQ:ELVA) had its target price reduced by Craig Hallum from $9.00 to $6.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

ELVA has been the topic of a number of other reports. Roth Mkm restated a buy rating and issued a $8.00 price target on shares of Electrovaya in a research report on Wednesday, May 15th. HC Wainwright restated a buy rating and issued a $16.00 price target on shares of Electrovaya in a research report on Wednesday.

Electrovaya Stock Performance

Shares of NASDAQ:ELVA traded up $0.08 on Wednesday, hitting $2.04. 3,776 shares of the company were exchanged, compared to its average volume of 37,650. The company’s 50 day moving average price is $2.52 and its two-hundred day moving average price is $3.17. Electrovaya has a one year low of $1.67 and a one year high of $4.58. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.58 and a current ratio of 0.99.

Electrovaya (NASDAQ:ELVA) last posted its earnings results on Tuesday, May 14th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The business had revenue of $10.70 million during the quarter, compared to the consensus estimate of $16.42 million. Electrovaya had a negative net margin of 0.44% and a negative return on equity of 2.83%. As a group, sell-side analysts forecast that Electrovaya will post 0.1 earnings per share for the current year.

Institutional Investors Weigh In On Electrovaya

An institutional investor recently bought a new position in Electrovaya stock. Worth Venture Partners LLC acquired a new position in shares of Electrovaya Inc. (NASDAQ:ELVA) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 820,538 shares of the company’s stock, valued at approximately $2,510,000. Electrovaya accounts for 1.4% of Worth Venture Partners LLC’s portfolio, making the stock its 22nd largest position. Worth Venture Partners LLC owned about 2.42% of Electrovaya as of its most recent SEC filing. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Company Profile

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.