Electrovaya (NASDAQ:ELVA) Earns Strong-Buy Rating from Analysts at Raymond James

Raymond James started coverage on shares of Electrovaya (NASDAQ:ELVA) in a report released on Thursday morning, MarketBeat reports. The brokerage issued a strong-buy rating and a $4.50 price objective on the stock.

ELVA has been the topic of several other reports. Alliance Global Partners began coverage on Electrovaya in a research report on Thursday, September 26th. They set a “buy” rating and a $5.00 price objective on the stock. HC Wainwright reduced their price target on Electrovaya from $16.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.70.

Electrovaya Trading Up 7.5 %

Shares of ELVA opened at $2.71 on Thursday. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.35. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.22. The firm’s 50-day moving average price is $2.50 and its 200-day moving average price is $2.31. The firm has a market capitalization of $108.64 million, a price-to-earnings ratio of -90.33 and a beta of 1.84.

Institutional Trading of Electrovaya

An institutional investor recently bought a new position in Electrovaya stock. Penbrook Management LLC bought a new position in Electrovaya Inc. (NASDAQ:ELVA) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned approximately 0.46% of Electrovaya at the end of the most recent quarter. Institutional investors own 22.47% of the company’s stock.

About Electrovaya

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.