Analysts at Raymond James initiated coverage on shares of Electrovaya (NASDAQ:ELVA - Get Free Report) in a note issued to investors on Thursday, MarketBeat reports. The brokerage set a "strong-buy" rating and a $4.50 price target on the stock. Raymond James' price objective suggests a potential upside of 67.22% from the stock's current price.
A number of other research firms have also recently weighed in on ELVA. Alliance Global Partners started coverage on shares of Electrovaya in a research note on Thursday, September 26th. They set a "buy" rating and a $5.00 target price on the stock. HC Wainwright dropped their price target on shares of Electrovaya from $16.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, December 13th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $6.70.
View Our Latest Analysis on ELVA
Electrovaya Price Performance
NASDAQ:ELVA traded up $0.17 during trading hours on Thursday, hitting $2.69. The company's stock had a trading volume of 313,979 shares, compared to its average volume of 97,480. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.35. 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 fifty day simple moving average of $2.49 and a 200-day simple moving average of $2.31. The company has a market capitalization of $107.88 million, a P/E ratio of -89.70 and a beta of 1.84.
Institutional Inflows and Outflows
A hedge fund recently bought a new stake in Electrovaya stock. Penbrook Management LLC purchased a new stake in Electrovaya Inc. (NASDAQ:ELVA - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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. 22.47% of the stock is owned by institutional investors.
About Electrovaya
(
Get Free Report)
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.
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