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

Electrovaya Inc. (NASDAQ:ELVA) has been assigned a consensus recommendation of “Buy” from the five brokerages that are presently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $8.75.

A number of equities analysts have recently weighed in on the company. Craig Hallum dropped their price objective on Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $16.00 price target on shares of Electrovaya in a research note on Wednesday, August 14th. Finally, Alliance Global Partners began coverage on shares of Electrovaya in a research report on Thursday, September 26th. They set a “buy” rating and a $5.00 price objective on the stock.

Electrovaya Price Performance

Shares of Electrovaya stock opened at $2.21 on Monday. The stock has a market cap of $74.89 million, a P/E ratio of -221.00 and a beta of 1.38. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.99. The stock’s fifty day moving average is $2.16 and its 200 day moving average is $2.59. Electrovaya has a one year low of $1.67 and a one year high of $4.58.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.01) EPS 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 company had revenue of $10.27 million during the quarter, compared to analysts’ expectations of $17.84 million. Sell-side analysts anticipate that Electrovaya will post -0.05 earnings per share for the current year.

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.