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

Raymond James upgraded shares of Electrovaya (NASDAQ:ELVA) to a strong-buy rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

A number of other analysts have also recently weighed in on the stock. Alliance Global Partners started coverage on shares of Electrovaya in a report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price target on the stock. HC Wainwright lowered their target price on shares of Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $6.70.

Electrovaya Trading Up 7.5 %

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

Institutional Investors Weigh In On Electrovaya

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

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.