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

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

Several other research analysts have also recently issued reports on ELVA. HC Wainwright cut their target price on shares of 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 initiated coverage on shares of Electrovaya in a research report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $6.70.

Electrovaya Stock Up 7.5 %

Shares of NASDAQ:ELVA opened at $2.71 on Wednesday. The stock has a market capitalization of $108.64 million, a P/E ratio of -90.33 and a beta of 1.84. Electrovaya has a 12-month low of $1.67 and a 12-month high of $4.35. The stock’s 50-day moving average price is $2.50 and its 200-day moving average price is $2.31. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.22.

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) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. 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 at the end of the most recent quarter. Hedge funds and other 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.