Electrovaya (NASDAQ:ELVA) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Electrovaya (NASDAQ:ELVA) released its earnings results on Thursday. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01, Zacks reports. Electrovaya had a negative net margin of 3.33% and a negative return on equity of 18.87%.

Electrovaya Price Performance

ELVA traded up $0.06 during trading on Thursday, reaching $2.44. The company’s stock had a trading volume of 82,598 shares, compared to its average volume of 79,982. The company has a market cap of $97.82 million, a price-to-earnings ratio of -81.33 and a beta of 1.84. The firm has a fifty day simple moving average of $2.50 and a two-hundred day simple moving average of $2.32. Electrovaya has a 1 year low of $1.67 and a 1 year high of $4.24. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22.

Analyst Ratings Changes

Several equities research analysts have commented on the company. HC Wainwright cut their price objective on Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, December 13th. 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. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $6.70.

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.