Analysts Set Electrovaya Inc. (NASDAQ:ELVA) PT at $7.25

Electrovaya Inc. (NASDAQ:ELVA) has received an average recommendation of “Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $6.70.

Several research firms have recently commented on ELVA. Raymond James began coverage on Electrovaya in a report on Thursday. They issued a “strong-buy” rating and a $4.50 price objective on the stock. HC Wainwright decreased their price objective on Electrovaya from $16.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, December 13th.

Hedge Funds Weigh In On Electrovaya

An institutional investor recently bought a new position in Electrovaya stock. Penbrook Management LLC bought a new position in Electrovaya Inc. (NASDAQ:ELVA) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned 0.46% of Electrovaya as of its most recent filing with the SEC. Institutional investors and hedge funds own 22.47% of the company’s stock.

Electrovaya Trading Up 1.1 %

NASDAQ ELVA opened at $2.74 on Thursday. The stock’s 50-day simple moving average is $2.50 and its two-hundred day simple moving average is $2.31. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.35. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $109.84 million, a price-to-earnings ratio of -91.33 and a beta of 1.84.

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.