Raymond James Begins Coverage on Electrovaya (NASDAQ:ELVA)

Stock analysts at Raymond James initiated coverage on shares of Electrovaya (NASDAQ:ELVA) in a note issued to investors on Thursday, MarketBeat reports. The firm set a “strong-buy” rating and a $4.50 price target on the stock. Raymond James’ price objective suggests a potential upside of 64.23% from the company’s previous close.

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

Electrovaya Stock Up 1.1 %

Shares of Electrovaya stock opened at $2.74 on Thursday. The company has a fifty day moving average price of $2.50 and a 200 day moving average price of $2.32. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 0.22. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.35. The stock has a market cap of $109.85 million, a price-to-earnings ratio of -91.33 and a beta of 1.84.

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 shares of Electrovaya Inc. (NASDAQ:ELVA) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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. Institutional investors and hedge funds own 22.47% of the company’s stock.

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.