Electrovaya Inc. (NASDAQ:ELVA) Receives $7.25 Consensus PT from Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have been assigned an average recommendation of “Buy” from the six research firms that are presently covering the firm, Marketbeat reports. Five analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $6.70.

A number of research analysts recently issued reports on the company. HC Wainwright decreased their price objective on Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a report on Friday, December 13th. Raymond James started coverage on Electrovaya in a report on Thursday, January 23rd. They set a “strong-buy” rating and a $4.50 price objective for the company.

Electrovaya Stock Down 1.5 %

NASDAQ:ELVA opened at $2.60 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.69 and a current ratio of 1.03. The company has a market cap of $104.23 million, a PE ratio of -86.67 and a beta of 1.84. Electrovaya has a 52-week low of $1.67 and a 52-week high of $4.35. The stock has a 50-day simple moving average of $2.52 and a 200 day simple moving average of $2.32.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Electrovaya stock. Penbrook Management LLC purchased a new stake in Electrovaya Inc. (NASDAQ:ELVA) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned approximately 0.46% of Electrovaya as of its most recent SEC filing. 22.47% of the stock is owned by institutional investors.

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.