Electrovaya (NASDAQ:ELVA) Price Target Cut to $10.00 by Analysts at HC Wainwright

Electrovaya (NASDAQ:ELVA - Free Report) had its target price reduced by HC Wainwright from $16.00 to $10.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Separately, Alliance Global Partners started coverage on shares of Electrovaya in a report on Thursday, September 26th. They issued a "buy" rating and a $5.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Electrovaya presently has a consensus rating of "Buy" and an average price target of $7.25.

Electrovaya Stock Down 9.5 %

Shares of NASDAQ ELVA traded down $0.27 during mid-day trading on Friday, reaching $2.58. 184,234 shares of the company's stock were exchanged, compared to its average volume of 40,616. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.58. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $88.08 million, a price-to-earnings ratio of -263.00 and a beta of 1.91. The business has a fifty day simple moving average of $2.35 and a 200 day simple moving average of $2.38.

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.