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

Shares of Electrovaya Inc. (NASDAQ:ELVA) have received a consensus recommendation of “Buy” from the five research firms that are presently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued a report on the stock in the last year is $7.25.

A number of equities research analysts have weighed in on the company. Raymond James assumed coverage on Electrovaya in a research report on Thursday. They issued a “strong-buy” rating and a $4.50 target price for the company. Alliance Global Partners began coverage on shares of Electrovaya in a research note on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective for the company. Finally, HC Wainwright dropped their target price on Electrovaya from $16.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, December 13th.

Electrovaya Price Performance

Shares of NASDAQ ELVA opened at $2.52 on Thursday. The company has a market capitalization of $101.03 million, a price-to-earnings ratio of -84.00 and a beta of 1.84. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.35. The business has a 50 day simple moving average of $2.49 and a 200-day simple moving average of $2.31. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.22.

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.