Electrovaya (NASDAQ:ELVA) Rating Increased to Strong-Buy 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 equities analysts also recently issued reports on ELVA. Alliance Global Partners started coverage on shares of Electrovaya in a report on Thursday, September 26th. They issued a “buy” rating and a $5.00 price objective on the stock. HC Wainwright decreased their price objective on Electrovaya from $16.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Electrovaya presently has an average rating of “Buy” and a consensus price target of $6.70.

Electrovaya Stock Up 7.5 %

Electrovaya stock opened at $2.71 on Wednesday. The stock has a market cap of $108.64 million, a PE ratio of -90.33 and a beta of 1.84. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.69 and a current ratio of 1.03. The stock has a fifty day moving average of $2.50 and a 200 day moving average of $2.31. Electrovaya has a one year low of $1.67 and a one year 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 stake in shares of Electrovaya Inc. (NASDAQ:ELVA) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned about 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.