Shares of Electrovaya Inc. (NASDAQ: ELVA) are currently rated as a “Moderate Buy” by five brokerages covering the company, according to MarketBeat Ratings. The average target price for the stock over the next twelve months is set at $6.50. This assessment includes two “hold” ratings, two “buy” ratings, and one “strong buy” rating from analysts.
Recent activity among research firms indicates a shift in sentiment towards Electrovaya. On November 11, Zacks Research upgraded the company from a “strong sell” to a “hold” rating. Meanwhile, Weiss Ratings reaffirmed a “hold (c-)” rating on October 8, and Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on September 28.
Institutional Investors Expand Stakes in Electrovaya
The trading landscape for Electrovaya has seen significant activity from institutional investors. Several hedge funds have altered their positions in the company during the third quarter. Lazard Asset Management LLC initiated a new position valued at $461,000. Notably, Raymond James Financial Inc. increased its stake by a remarkable 5,575.3%, acquiring 67,536 shares worth approximately $398,000 after purchasing an additional 66,346 shares.
Other institutional movements include Virtu Financial LLC, which acquired a position valued at $96,000, and Russell Investments Group Ltd., which also took a new position valued at about $887,000. Additionally, First Trust Advisors LP invested around $468,000 in Electrovaya during the same quarter. Collectively, institutional investors now hold 22.47% of the company’s stock.
Electrovaya’s Business Focus
Electrovaya Inc. specializes in the design, development, manufacturing, and sale of lithium-ion batteries and related products. Their offerings cater to various sectors, including energy storage, clean electric transportation, and specialized applications across North America. The company manufactures lithium-ion batteries and systems for materials handling electric vehicles, such as forklifts and automated guided vehicles. Moreover, Electrovaya provides battery chargers, electromotive power products for electric trucks and buses, industrial energy storage solutions, and power systems tailored for third-party requirements.
As Electrovaya continues to evolve within the competitive battery manufacturing industry, the attention from analysts and institutional investors indicates a growing interest in its future prospects.
