Raymond James Initiates Coverage on Electrovaya (NASDAQ:ELVA)

Equities researchers at Raymond James initiated coverage on shares of Electrovaya (NASDAQ:ELVA) in a report issued on Thursday, Marketbeat reports. The firm set a “strong-buy” rating and a $4.50 price target on the stock. Raymond James’ price target points to a potential upside of 64.23% from the company’s current price.

Several other analysts have also recently commented on ELVA. HC Wainwright lowered their target price on shares of 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 started coverage on Electrovaya in a research note on Thursday, September 26th. They issued a “buy” rating and a $5.00 target price for the company. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Electrovaya currently has an average rating of “Buy” and an average price target of $6.70.

Electrovaya Price Performance

Electrovaya stock opened at $2.74 on Thursday. The firm’s 50-day moving average is $2.50 and its two-hundred day moving average is $2.32. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.03 and a quick ratio of 0.69. The stock has a market capitalization of $109.85 million, a P/E ratio of -91.33 and a beta of 1.84. Electrovaya has a 12-month low of $1.67 and a 12-month high of $4.35.

Institutional Trading of Electrovaya

An institutional investor recently bought a new position in Electrovaya stock. Penbrook Management LLC purchased a new stake 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 fund purchased 183,215 shares of the company’s stock, valued at approximately $448,000. Penbrook Management LLC owned 0.46% of Electrovaya at the end of the most recent quarter. 22.47% of the stock is currently owned by institutional investors and hedge funds.

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.