Shares of Electrovaya Inc. (NASDAQ:ELVA) have garnered an average recommendation of “Moderate Buy” from five brokerages covering the company, according to MarketBeat Ratings. This consensus follows a mix of ratings, with two analysts recommending a hold, two suggesting a buy, and one issuing a strong buy rating. The average target price set by these brokerages for the next twelve months stands at $6.50.
Recent analyses from several research firms reflect a varied outlook on Electrovaya’s stock. On November 11, 2023, Zacks Research upgraded Electrovaya’s rating from “strong sell” to “hold.” Similarly, Weiss Ratings reaffirmed a “hold (c-)” rating in a report released on October 8, 2023. Meanwhile, Wall Street Zen made headlines by downgrading the stock from a “buy” to a “hold” on September 28, 2023.
Institutional Investors Show Interest
In addition to brokerage ratings, institutional trading activity around Electrovaya has seen notable changes. Several hedge funds have either increased or established positions in the company during the third quarter. Lazard Asset Management LLC acquired a new position valued at $461,000, while Raymond James Financial Inc. expanded its stake by an impressive 5,575.3%, now holding 67,536 shares worth approximately $398,000 after purchasing an additional 66,346 shares.
In other significant moves, Virtu Financial LLC entered the market with a new position valued at $96,000. Russell Investments Group Ltd. also acquired a new stake worth about $887,000, and First Trust Advisors LP established a new position valued at around $468,000. Overall, institutional investors now hold 22.47% of Electrovaya’s stock.
About Electrovaya Inc.
Founded in North America, Electrovaya Inc. specializes in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and related products. The company focuses on applications for energy storage and clean electric transportation, catering to sectors such as materials handling electric vehicles, including forklifts and automated guided vehicles. Additionally, Electrovaya produces battery chargers, electromotive power products for electric trucks and buses, and various industrial products aimed at energy storage solutions.
With a growing emphasis on sustainable energy technologies, Electrovaya is positioned to play a significant role in the evolving market for efficient and eco-friendly power solutions. As the company continues to innovate, its stock performance and analyst ratings will be closely monitored by investors and industry stakeholders alike.
