Analysts Set Electrovaya Inc. (NASDAQ:ELVA) Target Price at $6.50

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $6.50.

A number of equities analysts recently weighed in on ELVA shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Electrovaya in a report on Wednesday. Zacks Research raised shares of Electrovaya from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. Finally, Wall Street Zen lowered shares of Electrovaya from a “buy” rating to a “hold” rating in a report on Sunday, September 28th.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ELVA. Wilmington Savings Fund Society FSB purchased a new stake in Electrovaya during the 3rd quarter valued at about $118,000. Susquehanna International Group LLP bought a new stake in Electrovaya in the third quarter valued at approximately $97,000. Millennium Management LLC purchased a new stake in shares of Electrovaya during the third quarter valued at approximately $95,000. Citadel Advisors LLC grew its holdings in shares of Electrovaya by 90.6% in the third quarter. Citadel Advisors LLC now owns 85,254 shares of the company’s stock worth $502,000 after purchasing an additional 40,534 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Electrovaya by 76,081.0% in the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock worth $1,795,000 after buying an additional 304,324 shares during the period. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Electrovaya Stock Down 4.9%

ELVA opened at $4.31 on Friday. The business’s fifty day simple moving average is $6.13 and its 200 day simple moving average is $4.77. Electrovaya has a 52 week low of $1.80 and a 52 week high of $7.72. The company has a quick ratio of 2.88, a current ratio of 4.03 and a debt-to-equity ratio of 0.91. The stock has a market cap of $204.77 million, a PE ratio of 143.71 and a beta of 1.55.

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.