Electrovaya (NASDAQ:ELVA) Coverage Initiated by Analysts at Raymond James

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

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

Electrovaya Stock Up 1.1 %

Shares of NASDAQ ELVA opened at $2.74 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.69 and a current ratio of 1.03. Electrovaya has a 1 year low of $1.67 and a 1 year high of $4.35. The stock’s 50-day simple moving average is $2.50 and its 200-day simple moving average is $2.31. The firm has a market cap of $109.84 million, a price-to-earnings ratio of -91.33 and a beta of 1.84.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Electrovaya stock. Penbrook Management LLC purchased a new stake in shares of Electrovaya Inc. (NASDAQ:ELVA) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 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. 22.47% of the stock is owned by institutional investors and hedge funds.

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.