15 Most Promising Small-Cap Industrial Stocks Under $10

7. Electrovaya Inc. (NASDAQ:ELVA)

Recent analyst ratings clearly indicate a favorable sentiment towards the stock, making Electrovaya Inc. (NASDAQ:ELVA) one of the 15 most promising small-cap industrial stocks under $10.

On June 5, Roth Capital analyst Craig Irwin reiterated a Buy rating on Electrovaya Inc. (NASDAQ:ELVA) while increasing the price target from $12 to $20. The adjustment leads to a revised upside potential of almost 114%.

A recent trip to Electrovaya’s facility in Jamestown, New York, revealed that management has been able to gather a very competent group to expand its operational capabilities. In addition to this, Irwin noted that the company is on track with regard to building a dry room and purchasing equipment.

On May 15, Roth Capital increased the price target on Electrovaya Inc. (NASDAQ:ELVA) from $10 to $12, resulting in a revised upside potential of more than 28%. The firm also retained its Buy rating on the stock.

Roth Capital informed investors that although the management could not manage to deliver $1.4 million worth of finished goods during the second quarter due to supply chain concerns, the company reported results that were consistent with expectations. The firm noted that while airline customers’ expectations for demand for Electrovaya’s new airport equipment are being constrained by increased short-term uncertainty, the primary customer forklift battery demand is exceeding previous projections.

Electrovaya Inc. (NASDAQ:ELVA) is a manufacturer of lithium-ion batteries and battery management systems. Their offerings focus on preventing climate change and have various applications, including electric transportation, energy storage, warehousing, and heavy-duty electric vehicles. They leverage solid-state battery technology covering both low and high-voltage systems.