Electrovaya Inc. (NASDAQ:ELVA) Receives Consensus Rating of “Buy” from Analysts

Shares of Electrovaya Inc. (NASDAQ:ELVA) have earned an average rating of “Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $6.70.

A number of research firms have recently issued reports on ELVA. Raymond James began coverage on Electrovaya in a research report on Thursday, January 23rd. They issued a “strong-buy” rating and a $4.50 price objective for the company. HC Wainwright cut their price objective on Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, December 13th.

Electrovaya Stock Performance

ELVA opened at $2.60 on Thursday. Electrovaya has a 12-month low of $1.67 and a 12-month high of $4.35. The stock has a market cap of $104.23 million, a price-to-earnings ratio of -86.67 and a beta of 1.84. The business has a 50 day moving average of $2.52 and a 200-day moving average of $2.32. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22.

Institutional Trading of Electrovaya

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

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.