Electrovaya (NASDAQ:ELVA) Coverage Initiated at Alliance Global Partners

Alliance Global Partners began coverage on shares of Electrovaya (NASDAQ:ELVA) in a research report report published on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $5.00 target price on the stock.

Other research analysts also recently issued reports about the stock. HC Wainwright reiterated a buy rating and set a $16.00 price objective on shares of Electrovaya in a research note on Wednesday, August 14th. Craig Hallum dropped their price target on Electrovaya from $9.00 to $6.00 and set a buy rating on the stock in a research report on Wednesday, August 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Electrovaya has a consensus rating of Buy and a consensus target price of $8.75.

Electrovaya Stock Performance

NASDAQ:ELVA opened at $2.36 on Thursday. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.58. The firm has a 50 day simple moving average of $2.17 and a 200-day simple moving average of $2.75. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.54.

Electrovaya (NASDAQ:ELVA) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.06). The firm had revenue of $10.27 million for the quarter, compared to analyst estimates of $17.84 million. Electrovaya had a negative return on equity of 8.02% and a negative net margin of 1.34%. On average, equities research analysts anticipate that Electrovaya will post -0.05 earnings per share for the current 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.