Wedbush Lowers Electrovaya Price Target to C$2.00 (EFL)

Electrovaya (TSE:EFL) had its target price reduced by Wedbush from C$4.00 to C$2.00 in a report released on Thursday, StockTargetPrices.com reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price target would suggest a potential upside of 277.36% from the company’s previous close.

Electrovaya (TSE:EFL) traded down 1.89% during trading on Thursday, hitting $0.52. The company had a trading volume of 59,900 shares. Electrovaya has a 1-year low of $0.31 and a 1-year high of $1.12. The stock’s market capitalization is $42.10 million. The company’s 50 day moving average price is $0.66 and its 200-day moving average price is $0.71.

Electrovaya Inc. is a Canada-based company engaged in designing, developing and manufacturing Lithium Ion SuperPolymer batteries, battery systems and energy storage related products for the clean electric transportation, portable energy, utility scale energy storage, smart grid power, consumer and healthcare markets. The Company’s technology includes a manufacturing process which does not use toxic chemicals. It caters to automotive, smart grid vertical, retail and distribution, mining, solar energy and wind and marine industries. Its products portfolio includes cells, battery modules, integrated battery packs and battery management systems. Its consumer products include Power Pad laptop batteries.