Electrovaya (NASDAQ:ELVA) Trading Down 2.2% – Time to Sell?

Electrovaya Inc. (NASDAQ:ELVA) fell 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 trading, a decline of 29% from the average session volume of 121,330 shares. The stock had previously closed at $2.68.

Analyst Upgrades and Downgrades

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

Electrovaya Price Performance

The company has a market capitalization of $105.03 million, a price-to-earnings ratio of -262.00 and a beta of 1.84. 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 company has a 50 day moving average price of $2.41 and a 200 day moving average price 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.