Electrovaya (NASDAQ:ELVA) Stock Price Down 2.2% – Here’s What Happened

by · The Cerbat Gem

Shares of Electrovaya Inc. (NASDAQ:ELVA – Get Free Report) dropped 2.2% during mid-day trading on Tuesday . The company traded as low as $2.61 and last traded at $2.62. Approximately 86,422 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 121,330 shares. The stock had previously closed at $2.68.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ELVA. HC Wainwright dropped 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. Alliance Global Partners started coverage on shares of Electrovaya in a research note on Thursday, September 26th. They set a “buy” rating and a $5.00 price target 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 price target of $7.25.

Check Out Our Latest Research Report on ELVA

Electrovaya Price Performance

The company has a 50-day moving average of $2.42 and a 200 day moving average of $2.32. The firm has a market cap of $100.22 million, a P/E ratio of -250.00 and a beta of 1.84. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.99.

Electrovaya Company Profile

(Get Free Report)

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.

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