Electrovaya (NASDAQ:ELVA) Shares Down 2.2% – What’s Next?

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

Analyst Ratings Changes

Several analysts have weighed in on the company. HC Wainwright dropped their price objective on Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a report on Friday, December 13th. Alliance Global Partners assumed coverage on shares of Electrovaya in a report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $7.25.

Electrovaya Stock Down 4.6 %

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 stock has a market cap of $100.22 million, a price-to-earnings ratio of -250.00 and a beta of 1.84. The firm has a 50 day simple moving average of $2.42 and a two-hundred day simple moving average of $2.32.

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.