Shares of Electrovaya Inc. (NASDAQ:ELVA) have garnered an average recommendation of “Moderate Buy” from five brokerages currently covering the company, according to MarketBeat Ratings. The consensus reflects a mix of ratings, with two analysts recommending a hold, two advocating for a buy, and one issuing a strong buy recommendation. The average target price projected for the stock over the next twelve months stands at $6.50.
Recent Analyst Ratings and Changes
Several research firms have recently updated their assessments of Electrovaya. On November 11, Zacks Research upgraded the company from a “strong sell” to a “hold” rating. Meanwhile, Weiss Ratings reaffirmed its “hold (c-)” rating on October 8. In another notable shift, Wall Street Zen downgraded Electrovaya from a “buy” rating to a “hold” on September 28.
These adjustments come as Electrovaya’s stock price has experienced fluctuations, recently showing a decline of 5.4%. The mixed sentiment from analysts indicates a cautious outlook on the company’s performance in the near future.
Institutional Trading Activity
Electrovaya has seen significant activity among institutional investors in the third quarter. Lazard Asset Management LLC initiated a new position valued at $461,000. In a remarkable move, Raymond James Financial Inc. expanded its stake by 5,575.3%, acquiring 67,536 shares, which now hold a value of approximately $398,000 after adding 66,346 shares in the latest quarter.
Other notable investors include Virtu Financial LLC, which acquired a new position valued at $96,000, and Russell Investments Group Ltd., which also bought into the company with a position worth around $887,000. Additionally, First Trust Advisors LP acquired a new stake valued at approximately $468,000. Currently, institutional investors hold 22.47% of Electrovaya’s stock.
Electrovaya Inc. specializes in the design, development, manufacture, and sale of lithium-ion batteries and related systems. The company’s products cater to various sectors, including energy storage and electric transportation. Its offerings encompass lithium-ion batteries for materials handling electric vehicles, battery management systems, and electromotive power solutions for electric trucks and buses.
As Electrovaya continues to navigate the complexities of the market, analysts and investors will be closely monitoring the company’s performance and strategic developments in the months ahead.
