Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) Price Target at $10.00

Electrovaya Inc. (NASDAQ:ELVA) has received a consensus recommendation of “Buy” from the five ratings firms that are covering the stock, MarketBeat reports. Five analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have covered the stock in the last year is $8.75.

ELVA has been the subject of a number of analyst reports. Alliance Global Partners began coverage on Electrovaya in a research note on Thursday, September 26th. They set a “buy” rating and a $5.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $16.00 price target on shares of Electrovaya in a report on Wednesday, August 14th. Finally, Craig Hallum lowered their price target on Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th.

Electrovaya Stock Down 0.4 %

Shares of NASDAQ:ELVA opened at $2.35 on Thursday. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.58. The stock’s 50 day moving average is $2.17 and its 200-day moving average is $2.73. The company has a quick ratio of 0.54, a current ratio of 0.99 and a debt-to-equity ratio of 0.26.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings data 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). The business had revenue of $10.27 million during the quarter, compared to the consensus estimate of $17.84 million. Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. As a group, equities research analysts predict that Electrovaya will post -0.05 EPS for the current fiscal 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.