Electrovaya Inc. (NASDAQ:ELVA) Receives $8.75 Average Price Target from Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have earned a consensus recommendation of “Buy” from the five brokerages that are presently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $8.75.

A number of analysts have issued reports on ELVA shares. Alliance Global Partners initiated coverage on Electrovaya in a research report on Thursday, September 26th. They issued a “buy” rating and a $5.00 target price on the stock. Craig Hallum cut their price objective on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, HC Wainwright reissued a “buy” rating and set a $16.00 target price on shares of Electrovaya in a research note on Wednesday, August 14th.

Electrovaya Stock Down 4.1 %

Shares of NASDAQ:ELVA opened at $2.13 on Monday. The company has a market capitalization of $72.16 million, a price-to-earnings ratio of -213.00 and a beta of 1.38. Electrovaya has a 12-month low of $1.67 and a 12-month high of $4.58. The business has a 50-day moving average price of $2.17 and a 200 day moving average price of $2.54. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26.

Electrovaya (NASDAQ:ELVA) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.06). Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. The company had revenue of $10.27 million for the quarter, compared to analyst estimates of $17.84 million. Sell-side analysts expect that Electrovaya will post -0.05 EPS for the current year.

About Electrovaya

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.