Analysts Set Electrovaya Inc. (NASDAQ:ELVA) Price Target at $8.75

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

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

Electrovaya Stock Performance

Shares of Electrovaya stock opened at $2.16 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.54. The stock has a market capitalization of $73.19 million, a price-to-earnings ratio of -216.00 and a beta of 1.38. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.58. The firm’s fifty day simple moving average is $2.16 and its 200-day simple moving average is $2.56.

Electrovaya (NASDAQ:ELVA) last posted its quarterly 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). The company had revenue of $10.27 million for the quarter, compared to analyst estimates of $17.84 million. Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. As a group, equities analysts forecast that Electrovaya will post -0.05 earnings per share 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.