Analysts Set Electrovaya Inc. (NASDAQ:ELVA) Price Target at $7.25

Shares of Electrovaya Inc. (NASDAQ:ELVA) have received an average rating of “Buy” from the six ratings firms that are currently covering the company, Marketbeat reports. Five research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $6.70.

A number of research firms have commented on ELVA. Raymond James initiated coverage on Electrovaya in a report on Thursday. They set a “strong-buy” rating and a $4.50 price target on the stock. HC Wainwright dropped their price target on Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, December 13th.

Electrovaya Price Performance

NASDAQ:ELVA opened at $2.74 on Thursday. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22. The business’s 50-day simple moving average is $2.50 and its two-hundred day simple moving average is $2.31. The stock has a market cap of $109.84 million, a PE ratio of -91.33 and a beta of 1.84. Electrovaya has a 52 week low of $1.67 and a 52 week high of $4.35.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Electrovaya stock. Penbrook Management LLC acquired a new position in Electrovaya Inc. (NASDAQ:ELVA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned about 0.46% of Electrovaya at the end of the most recent reporting period. Hedge funds and other institutional investors own 22.47% of the company’s stock.

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.