Electrovaya (NASDAQ:ELVA) Earns Buy Rating from Analysts at Alliance Global Partners

Alliance Global Partners began coverage on shares of Electrovaya (NASDAQ:ELVA) in a report released on Thursday, MarketBeat.com reports. The brokerage issued a buy rating and a $5.00 price target on the stock.

A number of other analysts also recently weighed in on ELVA. HC Wainwright reissued a buy rating and set a $16.00 target price on shares of Electrovaya in a research report on Wednesday, August 14th. Craig Hallum decreased their target price on shares of Electrovaya from $9.00 to $6.00 and set a buy rating for the company in a research report on Wednesday, August 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $8.75.

Electrovaya Trading Up 8.8 %

Electrovaya stock opened at $2.36 on Thursday. The business has a 50 day moving average of $2.17 and a 200-day moving average of $2.75. Electrovaya has a 1 year low of $1.67 and a 1 year high of $4.58. 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 (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.06). The firm had revenue of $10.27 million during the quarter, compared to analyst estimates of $17.84 million. Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. On average, analysts anticipate that Electrovaya will post -0.05 earnings per share for the current fiscal 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.