Brokerages Set Electrovaya Inc. (NASDAQ:ELVA) Price Target at $6.50

Electrovaya Inc. (NASDAQ:ELVA) has been assigned an average recommendation of “Moderate Buy” from the five analysts that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $6.50.

ELVA has been the topic of several analyst reports. Zacks Research raised shares of Electrovaya from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Electrovaya in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Electrovaya from a “buy” rating to a “hold” rating in a research report on Sunday, September 28th.

Electrovaya Trading Down 1.1%

ELVA opened at $4.59 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.03 and a quick ratio of 2.88. Electrovaya has a fifty-two week low of $1.80 and a fifty-two week high of $7.72. The company’s 50 day moving average price is $6.19 and its two-hundred day moving average price is $4.77. The firm has a market capitalization of $218.07 million, a price-to-earnings ratio of 153.05 and a beta of 1.55.

Institutional Trading of Electrovaya

A number of large investors have recently bought and sold shares of the business. Susquehanna International Group LLP acquired a new position in shares of Electrovaya in the 3rd quarter valued at about $97,000. Millennium Management LLC acquired a new stake in Electrovaya during the third quarter worth approximately $95,000. Citadel Advisors LLC increased its holdings in Electrovaya by 90.6% in the third quarter. Citadel Advisors LLC now owns 85,254 shares of the company’s stock worth $502,000 after purchasing an additional 40,534 shares in the last quarter. Bank of America Corp DE lifted its stake in Electrovaya by 76,081.0% in the third quarter. Bank of America Corp DE now owns 304,724 shares of the company’s stock valued at $1,795,000 after buying an additional 304,324 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in Electrovaya in the third quarter valued at approximately $461,000. 22.47% of the stock is currently owned by institutional investors and hedge funds.

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.