Electrovaya Inc. (NASDAQ:ELVA) Given Average Recommendation of “Buy” by Analysts

Electrovaya Inc. (NASDAQ:ELVAGet Free Report) has earned an average rating of “Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $6.70.

Several equities research analysts recently commented on the stock. Raymond James assumed coverage on shares of Electrovaya in a research note on Thursday, January 23rd. They set a “strong-buy” rating and a $4.50 price objective on the stock. HC Wainwright dropped their price objective on shares of Electrovaya from $16.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, December 13th.

Get Our Latest Analysis on Electrovaya

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Electrovaya stock. Penbrook Management LLC acquired a new stake in shares of Electrovaya Inc. (NASDAQ:ELVAFree Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned about 0.46% of Electrovaya as of its most recent SEC filing. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Trading Down 2.9 %

Shares of ELVA opened at $2.66 on Thursday. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.35. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.22. The firm’s 50-day moving average price is $2.51 and its 200-day moving average price is $2.31. The firm has a market capitalization of $106.64 million, a price-to-earnings ratio of -88.67 and a beta of 1.84.

About Electrovaya

(Get Free Report

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.

Recommended Stories

Analyst Recommendations for Electrovaya (NASDAQ:ELVA)

Receive News & Ratings for Electrovaya Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Electrovaya and related companies with MarketBeat.com's FREE daily email newsletter.