Shares of Electrovaya Inc. (NASDAQ:ELVA) have garnered an average recommendation of “Moderate Buy” from the five brokerages currently covering the company, according to MarketBeat Ratings. The analysts’ outlook includes two “hold” ratings, two “buy” ratings, and one “strong buy” rating for the stock. The consensus 12-month target price among these brokerages is set at $6.50.
Recent reports from various research firms highlight shifting sentiments toward Electrovaya’s stock. On November 11, 2023, Zacks Research upgraded Electrovaya from a “strong sell” to a “hold” rating. Meanwhile, Weiss Ratings reaffirmed a “hold (C-)” rating in a report dated October 8, 2023. Earlier, on September 28, 2023, Wall Street Zen downgraded Electrovaya from a “buy” rating to a “hold” rating.
Institutional Trading Activity
In addition to analyst ratings, institutional trading activity has been noteworthy. Several hedge funds have adjusted their stakes in Electrovaya recently. Lazard Asset Management LLC established a new position in the company during the third quarter, valued at approximately $461,000.
Another significant move came from Raymond James Financial Inc., which expanded its position by an astonishing 5,575.3% during the same period. After acquiring an additional 66,346 shares, the firm now holds 67,536 shares worth around $398,000. Other notable investors include Virtu Financial LLC, which purchased a new position valued at $96,000, and Russell Investments Group Ltd., which acquired shares valued at approximately $887,000. Currently, institutional investors own 22.47% of Electrovaya’s stock.
About Electrovaya Inc.
Electrovaya Inc. specializes in designing, developing, manufacturing, and selling lithium-ion batteries, along with battery management systems and related products. The company serves various sectors, including energy storage and clean electric transportation, primarily in North America. Its offerings include lithium-ion batteries for electric vehicles, such as forklifts and automated guided vehicles, as well as battery chargers. Electrovaya also provides electromotive power products for electric trucks and buses, industrial products for energy storage, and power solutions tailored for third-party systems.
The recent fluctuations in Electrovaya’s stock and the analysts’ mixed ratings underscore the dynamic nature of the market. Investors and stakeholders will be closely monitoring future developments as the company continues to evolve within the competitive landscape of energy solutions.
