Electrovaya (NASDAQ:ELVA) Research Coverage Started at Raymond James

Raymond James initiated coverage on shares of Electrovaya (NASDAQ:ELVA) in a research note released on Thursday, MarketBeat Ratings reports. The brokerage issued a strong-buy rating and a $4.50 price target on the stock.

ELVA has been the subject of several other reports. Alliance Global Partners assumed coverage on Electrovaya in a research note on Thursday, September 26th. They set a “buy” rating and a $5.00 price target for the company. HC Wainwright dropped their target price on shares of Electrovaya from $16.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $6.70.

Electrovaya Trading Up 1.1 %

ELVA stock opened at $2.74 on Thursday. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22. The company has a market cap of $109.84 million, a price-to-earnings ratio of -91.33 and a beta of 1.84. The business has a fifty day simple moving average of $2.50 and a 200-day simple moving average of $2.31. Electrovaya has a 52 week low of $1.67 and a 52 week high of $4.35.

Institutional Investors Weigh In On Electrovaya

A hedge fund recently bought a new stake in Electrovaya stock. Penbrook Management LLC purchased a new position in Electrovaya Inc. (NASDAQ:ELVA) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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 SEC filing. 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.