Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) PT at $8.75

Electrovaya Inc. (NASDAQ:ELVA) has received a consensus recommendation of “Buy” from the five analysts that are covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokers that have covered the stock in the last year is $8.75.

Several brokerages have recently issued reports on ELVA. HC Wainwright reissued a “buy” rating and issued a $16.00 price target on shares of Electrovaya in a report on Wednesday, August 14th. 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. Finally, Alliance Global Partners initiated coverage on Electrovaya in a research report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective for the company.

Electrovaya Price Performance

Shares of ELVA opened at $2.13 on Monday. The stock has a market cap of $72.18 million, a P/E ratio of -213.00 and a beta of 1.38. Electrovaya has a 1 year low of $1.67 and a 1 year high of $4.58. The stock’s 50-day moving average price is $2.17 and its two-hundred day moving average price is $2.55. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.06). Electrovaya had a negative return on equity of 8.02% and a negative net margin of 1.34%. The firm had revenue of $10.27 million for the quarter, compared to the consensus estimate of $17.84 million. On average, equities analysts predict that Electrovaya will post -0.05 earnings per share for the current 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.