Electrovaya Inc. (NASDAQ:ELVA) Given Consensus Rating of “Buy” by Analysts

Electrovaya Inc. (NASDAQ:ELVA) has received an average rating of “Buy” from the five analysts that are presently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $8.75.

Several research firms recently issued reports on ELVA. Craig Hallum dropped their price target on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and set a $16.00 price target on shares of Electrovaya in a research report on Wednesday, August 14th. Finally, Alliance Global Partners assumed coverage on Electrovaya in a research report on Thursday, September 26th. They set a “buy” rating and a $5.00 price target on the stock.

Electrovaya Price Performance

Shares of ELVA opened at $2.36 on Thursday. The business’s 50 day moving average is $2.17 and its two-hundred day moving average is $2.72. Electrovaya has a 52-week low of $1.67 and a 52-week high of $4.58. The company has a quick ratio of 0.54, a current ratio of 0.99 and a debt-to-equity ratio of 0.26.

Electrovaya (NASDAQ:ELVA) last announced its earnings results on Tuesday, August 13th. The company reported ($0.01) earnings per share (EPS) 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 business had revenue of $10.27 million during the quarter, compared to analyst estimates of $17.84 million. As a group, equities research analysts predict that Electrovaya will post -0.05 earnings per share for the current fiscal year.

Electrovaya Company Profile

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.