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

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

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

Electrovaya Trading Up 7.5 %

NASDAQ:ELVA opened at $2.71 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 0.22. Electrovaya has a 1-year low of $1.67 and a 1-year high of $4.35. The firm has a market capitalization of $108.64 million, a price-to-earnings ratio of -90.33 and a beta of 1.84. The stock has a fifty day simple moving average of $2.50 and a 200 day simple moving average of $2.31.

Institutional Investors Weigh In On Electrovaya

An institutional investor recently bought a new position in Electrovaya stock. Penbrook Management LLC acquired a new stake in Electrovaya Inc. (NASDAQ:ELVA) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned approximately 0.46% of Electrovaya as of its most recent filing with the SEC. 22.47% of the stock is currently 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.