HC Wainwright Has Lowered Expectations for Electrovaya (NASDAQ:ELVA) Stock Price

Electrovaya (NASDAQ:ELVA) had its price target cut by equities research analysts at HC Wainwright from $16.00 to $10.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 250.88% from the stock’s previous close.

Separately, Alliance Global Partners assumed coverage on Electrovaya in a report on Thursday, September 26th. They set a “buy” rating and a $5.00 target price on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $7.25.

Electrovaya Stock Up 12.6 %

ELVA stock opened at $2.85 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.54. The company’s 50 day simple moving average is $2.35 and its 200-day simple moving average is $2.38. Electrovaya has a 12 month low of $1.67 and a 12 month high of $4.58. The firm has a market capitalization of $97.30 million, a PE ratio of -285.00 and a beta of 1.91.

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.