Shares of Electrovaya Inc. (NASDAQ:ELVA – Get Free Report) 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.
Check Out Our Latest Research Report on Electrovaya
Electrovaya Stock Down 4.1 %
Electrovaya (NASDAQ:ELVA – Get Free Report) 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.
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