Electrovaya (NASDAQ:ELVA) Raised to Strong-Buy at Raymond James

Electrovaya (NASDAQ:ELVA) was upgraded by stock analysts at Raymond James to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also weighed in on ELVA. HC Wainwright dropped their target price on Electrovaya from $16.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Alliance Global Partners started coverage on Electrovaya in a report on Thursday, September 26th. They set a “buy” rating and a $5.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Electrovaya currently has an average rating of “Buy” and a consensus price target of $6.70.

Electrovaya Price Performance

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Electrovaya stock. Penbrook Management LLC bought a new stake in shares of Electrovaya Inc. (NASDAQ:ELVA) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned approximately 0.46% of Electrovaya as of its most recent SEC filing. 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.