It was good news today for battery technology maker Electrovaya (TSE:ELVA) (NASDAQ:ELVA), as it readied a new shipment of its latest battery technology. Electrovaya gained fractionally on the Nasdaq exchange in Tuesday afternoon’s trading. However, its Canadian ticker made no changes since the Toronto Stock Exchange is closed for Boxing Day.
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Electrovaya offered investors—and those who want to see better battery systems come out to support green technology alternatives—some good news as its Infinity-HV battery systems got their first shipment. That’s the latest addition to its Infinity product line, and the first set went to a “…large aerospace customer,” noted word from product manager of high voltage systems, Dr. Khadija Yazda.
Yazda offered more insight on the Infinity-HV line, noting that its batteries offered “…unique performance characteristics.” Such characteristics include the ability to supply power in “heavy-duty applications” and improvements in “…safety and cycle life…”
Troubles in the Back Office
As Electrovaya rolls out a new potential winner in its battery lineup, it’s also having some troubles with its back-office work. It’s expecting a possible delay in filing its “year-end reporting documents,” reports note, which includes annual financial statements and related discussions from management. The biggest cause of the delay stems from a recent change in auditor, which now needs some extra time to complete several critical procedures. Apparently, some of the procedures required third-party input to complete, which is taking some extra time.
Is Electrovaya Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on Electrovaya stock based on two Buys assigned in the past three months, as indicated by the graphic below. After a 22.48% loss in its share price over the past year, the average Electrovaya price target of C$9.28 per share implies 128% upside potential.
