Electrovaya Inc. (NASDAQ:ELVA) Receives Consensus Recommendation of “Buy” from Brokerages

Electrovaya Inc. (NASDAQ:ELVA) has earned an average rating of “Buy” from the four brokerages that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $10.00.

Several equities research analysts recently commented on the company. Craig Hallum dropped their target price on Electrovaya from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and set a $16.00 price objective on shares of Electrovaya in a research note on Wednesday, August 14th. Finally, Alliance Global Partners assumed coverage on shares of Electrovaya in a research report on Thursday. They set a “buy” rating and a $5.00 target price on the stock.

Electrovaya Price Performance

ELVA stock traded up $0.04 during midday trading on Thursday, reaching $2.21. 2,666 shares of the company’s stock traded hands, compared to its average volume of 35,060. Electrovaya has a fifty-two week low of $1.67 and a fifty-two week high of $4.58. The business has a 50-day moving average price of $2.18 and a two-hundred day moving average price of $2.78. 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 announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $10.27 million for the quarter, compared to analysts’ expectations of $17.84 million. As a group, research analysts anticipate 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.