Electrovaya (NASDAQ:ELVA) Upgraded at Raymond James

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

A number of other research analysts have also issued reports on ELVA. HC Wainwright reduced 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 began coverage on shares of Electrovaya in a research report on Thursday, September 26th. They set a “buy” rating and a $5.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $6.70.

Electrovaya Price Performance

Electrovaya stock opened at $2.74 on Wednesday. The firm has a market capitalization of $109.85 million, a PE ratio of -91.33 and a beta of 1.84. Electrovaya has a 52 week low of $1.67 and a 52 week high of $4.35. The firm’s 50-day simple moving average is $2.50 and its 200 day simple moving average is $2.32. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22.

Hedge Funds Weigh In On Electrovaya

A hedge fund recently bought a new stake in Electrovaya stock. Penbrook Management LLC acquired a new position in Electrovaya Inc. (NASDAQ:ELVA) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 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 reporting period. 22.47% of the stock is owned by institutional investors.

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.